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Silk, Coral and Fiat: Italy’s long economic ties with India

Silk, Coral and Fiat: Italy’s long economic ties with India

The 18th BRICS Summit held in New Delhi on September 12 and 13 brought together 10 full members - Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, and Indonesia - with Saudi Arabia also participating as an 11th member. While the summit did not create any military alliances, common currency or unified anti-Western front, it did produce a 140-paragraph declaration outlining the group's efforts to create more room for emerging economies to shape international trade, finance, technology, and institutions.

India, the current chair of BRICS, emphasized the importance of greater influence over the rules of the international system and advocated for reforms to institutions like the UN and WTO. The New Delhi Declaration criticized tariff and non-tariff barriers, promoted supply chain resilience, and supported cross-border payments and trade settlement in local currencies. It also highlighted artificial intelligence, critical minerals, and higher-value manufacturing as key areas for BRICS development.

India's participation in BRICS showcases a strategic approach that balances sovereignty and diplomacy, resisting pressure to align with competing blocs. The summit succeeded in adopting a consensus declaration despite differences among members on the Middle East. China and Saudi Arabia, both members of BRICS, bring different strategic weights to the grouping, with China viewing BRICS as part of a broader shift away from a US-led unipolar world order, while Saudi Arabia maintains close ties with the US and is involved in initiatives like Pax Silica aimed at restricting China's access to advanced technologies.

Written by urgent.news from Jerusalem Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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