Modi chalked up a diplomatic win, guiding countries with clashing positions into a single communiqué after a long night of bargaining in India's capital. An Indian official said the toughest part was getting buy-in from Iran, Saudi Arabia and the United Arab Emirates - players on opposite sides of the Persian Gulf confrontation. Back in May, BRICS foreign ministers hit a wall over Middle East language, but going into this leaders' gathering, the gap narrowed after constructive talks.
"New Delhi finds great utility in BRICS to project its strategic autonomy," said Praveen Donthi, a senior analyst with the International Crisis Group.
The statement avoided naming names. It called for restraint and urged parties to avoid steps that "could further aggravate the situation." It also flagged "serious concern over deliberate attacks" on civilian infrastructure and nuclear facilities.
On trade, the document reflected enduring irritation with protectionism - noting "serious concerns" over the growth of one-sided tariff hikes and other non‑tariff steps that are roiling supply chains and overall economic stability, implicitly pointing to the tariff battle begun under President Donald Trump while avoiding naming the U.S. outright. The bloc also denounced both unilateral and secondary sanctions, implicitly alluding to measures aimed at Iran and Russia as well as warnings that purchasers of their crude could face penalties.
Sticking with prior positions, BRICS backed more commerce using local currencies, tighter cross-border payment links, and reforms at the International Monetary Fund and World Bank to elevate the role of developing economies.
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The expanded BRICS lineup is a big tent, and the photo op showed it. Chinese President Xi Jinping made his first trip to India in seven years, standing with Russia's Vladimir Putin and Iran's Masoud Pezeshkian. We never kneel down before them.
Modi and Xi held bilateral talks in New Delhi, trying to steady relations after their countries' deadly 2020 border clash. Xi struck a long-view tone: "China has always seen and developed China-India ties from a strategic and long-term perspective," and added that, as key members of the Global South and the two most populous nations on Earth, they "bear significant responsibilities."
For Modi, the summit doubled as a platform to court the Global South and show India can keep lines open to Iran on one side and the UAE, the U.S. and Israel on the other - a balancing act that has grown more relevant as ties with Washington have been strained by President Donald Trump's trade war. Saudi Arabia joined discussions alongside the 10 full members, even as it hasn't formally confirmed membership of BRICS.
Violence in the Persian Gulf has intensified. Saudi Arabia shut a key pipeline temporarily after multiple attacks, and U.S. forces launched attacks against Iranian tankers. Crude moved sharply higher toward $110, as Asian stocks and bonds declined.
All of this puts a bit of a floor under crude and keeps emerging markets choppy. The bloc's stance against tariffs and sanctions - plus its push for using local currencies and reforming global lenders - points to a slow build-out of alternative trade and finance channels. For your wallet, that can filter through to what you pay at the pump, how international funds swing in your portfolio, and how companies tied to global supply chains manage higher costs and uncertainty.
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