This article is not designed to skip the facts, just because its author is simply pro-BRICS. It’s an honest, realistic, friendly, and necessary analysis, that readers interested in a summarized diagnosis of the current state of geopolitical affairs need to know.
Tamer Mansour

On September 12, the eleven leaders gathered at Bharat Mandapam did what New Delhi’s diplomats had spent a year quietly engineering: they adopted, by consensus, a roughly 140-point document without a single member raising an objection.
For a bloc that now spans Brazil to Indonesia, Russia to the UAE, and includes at least two capitals — Tehran and Abu Dhabi — that were reportedly still trading sharp remarks over West Asian affairs in the drafting room, unanimity on anything is an achievement worth noting before we start dissecting the declaration.
It is more an on-going “journey”, than it is the “destination” both proponents and critics alike, tend to hastily or “propagandistically” present as a success or a failure
And there is a great deal of text to pick apart because the New Delhi Declaration is less a manifesto than a very long, very polite letter to an international order that has not been in the habit of answering its mail.
The Comparison Writes Itself
Strip away the diplomatic upholstery and the Declaration reads as a punch list against the institutions Washington built after 1945 and has since treated as permanent fixtures rather than living systems.
BRICS wants the UN Security Council reformed to give Brazil, India and the African and Latin American blocs a real seat at the table, a request first lodged decades ago and renewed, again, almost as ritual.
It wants the IMF and World Bank’s voting shares brought into line with the size of the economies actually generating global growth, rather than the size of the economies that generated it in 1944.
It wants the World Trade Organization’s two-tier dispute system restored to working order. And it’s demanding an end to unilateral tariffs, secondary sanctions and carbon border taxes dressed up as environmental policy, none of which names a country, yet all of which was written with one capital very much in mind. Needless to say which capital it is.
The comparison writes itself because the incumbent order has spent the intervening years demonstrating exactly the dysfunction BRICS is complaining about. The WTO’s Appellate Body has not been able to hear a new case since December 2019, after Washington spent several years blocking the appointment of judges it decided it no longer trusted; by this June, the selection process had been blocked for the ninety-eighth time.
The IMF’s sixteenth quota review, a 50% increase in the Fund’s resources, agreed by the Board of Governors backs in December 2023, still has not been ratified by the body that alone can hold it up the United States Congress, which controls enough voting power to veto any governance change on its own and has simply declined to schedule the vote.
It is visiting the irony for a moment: the very quota reform BRICS keeps invoking wouldn’t even shift relative voting power, since the 2023 increase was applied equally across the board. The real reallocation is supposed to happen under the next review, but nobody has set a date.
Borrowing the SC’s Unused Vocabulary
The security aspects of the Declaration are worthy of having their own paragraph since they serve as a subtle criticism of the organisation which BRICS claims it wants to reform rather than replace. The leaders called for an immediate ceasefire in Gaza, for unimpeded humanitarian access, for rejection of any forced relocation of Palestinian civilians, and for full UN membership to be granted to a Palestinian state alongside the 1967 lines with East Jerusalem as its capital.
A position that, phrased almost identically, has been vetoed or watered-down inside the Security Council itself more than once in recent years by the same permanent member whose Congress is currently sitting on the IMF vote.
They condemned last year’s Pahalgam terror attack in Jammu and Kashmir, which killed twenty-six people, expressed alarm over strikes on nuclear facilities under IAEA safeguards, and called on Israel to withdraw from Lebanese territory under existing agreements.
None of it is legally binding. All of it is, in effect, the Security Council doing its own job by proxy, in a hotel conference center in New Delhi because eleven governments concluded that waiting for the Council to act on its own would mean waiting indefinitely.
It is hard to imagine a more efficient advertisement for UN reform than a group of member states quietly building a parallel one.
The Numbers on the Building Permit
To their credit, BRICS leaders did not walk into New Delhi with an empty portfolio. The bloc and its partner countries now account for something in the neighborhood of 40 to 44% of global GDP at purchasing power parity and well over half the world’s population, a demographic and economic mass that simply did not exist when the original four-country acronym was coined in a Goldman Sachs research note in 2001, when British economist Jim O’Neill’s research paper pointed to the rapidly developing economies of Brazil, Russia, India, and China, projecting that these nations would collectively dominate the global economy by 2050, meaning roughly 24 years from now.
So, let’s gauge the indicators and highlight some stats, and see.
BRICS Intra-bloc merchandise trade has grown more than thirteen-fold since 2003, reaching roughly $1.17 trillion in 2024. China has extended zero-tariff treatment to 53 African countries, a detail that received far less coverage than it deserved.
The institutional side of the ledger is more mixed, and honesty requires saying so plainly. The New Development Bank, headquartered in Shanghai, has approved around $42.9 billion in financing across 140 projects since it opened its doors roughly a decade ago, a genuine, usable pipeline of infrastructure and clean-energy money for the Global South, no doubt.
But, set against the Asian Infrastructure Investment Bank, a rival Beijing-anchored lender that carries a top-tier AAA credit rating and has moved faster on a larger book (around $69 billion across 350 projects). The NDB looks less like a Bretton Woods killer and more like a promising regional bank still building its credit history.
And then there is the Contingent Reserve Arrangement, the $100 billion BRICS currency-swap facility meant to give members a crisis backstop independent of the IMF. It was announced with considerable fanfare a decade ago. It remains, by the account of the bloc’s own foreign ministers this year, essentially theoretical, capitalized on paper, untested in practice, the fire extinguisher nobody has actually mounted on the wall.
The Currency Question, Measured in Rupees
China has extended zero-tariff treatment to 53 African countries, a detail that received far less coverage than it deserved
No section of the Declaration draws more attention outside the bloc than its finance-and-payments language, and no section better illustrates the gap between rhetoric and plumbing.
Fact: There is no BRICS currency, and the Declaration does not propose one, a point India’s foreign minister has made repeatedly and pointedly, and one Russian officials themselves now downplay in public.
The Kremlin’s spokesman said this month that Russia now settles around 90 percent of its trade with BRICS partners in national currencies, up sharply from a figure closer to two-thirds just two years earlier, but he was careful to frame this as national-interest housekeeping rather than an ideological crusade against the dollar, since several members plainly do not want to be cast as founding members of an anti-dollar bloc head-on.
The way it is framed is not just a matter of rhetorical caution since it shows a genuine and dull problem which Moscow has had to explain rather than solve. As late last year President Vladimir Putin admitted, the rupee-ruble settlement mechanism with India has had difficulty in making progress, not on account of political reasons but because Russia now receives more rupees from the export of oil and fertilisers than the companies it has currently useful applications for within the Indian economy.
In a way it is a modest tribute to the limits of trade in national currencies since even if you refuse to accept dollars you will still have to find a place where you can spend what you receive.
This is the closest thing to a public airing of BRICS’ internal seams, not a rupture, but a candid admission that enthusiasm for de-dollarization is not evenly distributed across a bloc. A normal status quo at this stage, in my view.
Delhi’s caution and Moscow’s urgency are, in this sense, two entirely reasonable positions arising from two entirely different sets of exposure to Washington’s financial leverage.
But the global dollar’s own numbers have proven stickier than either side’s rhetoric suggests: it still accounts for about 58 percent of declared foreign exchange reserves worldwide, according to IMF data, and remains the currency in which oil, most trade finance and most of the world’s dollar-denominated debt is still priced.
Washington’s Counter-Offer/Offensive
If the Declaration is “diplomatic” enough not to name the United States, Washington has shown no equivalent restraint. Donald Trump has, since shortly after his 2024 election victory, repeatedly threatened BRICS members with 100 percent tariffs should the bloc create a common currency or formally back an alternative to the dollar.
A threat renewed often enough on social media that it has become something of a standing feature of the news cycle, and one that, notably, has never had to be triggered because no BRICS currency has ever existed for it to punish, so far.
What Washington has actually done is narrower, and arguably more effective: it went after individual members rather than the bloc as an abstraction. India was hit with a 25% “reciprocal” tariff in mid-2025, followed weeks later by an additional 25% penalty explicitly tied to its continued purchases of discounted Russian oil, bringing the total to 50$, among the steepest rates applied to any major economy.
Brazil received a comparably steep rate around the same time. The pressure on India was not merely rhetorical: Indian imports of Russian crude, which had surged more than sixty-fold after 2022 and peaked near two million barrels a day, fell to roughly 1.2 million barrels a day by December, a three-year low, following fresh sanctions on Russia’s largest oil companies.
India has publicly maintained it will not abandon Russian energy on Washington’s schedule, and by most accounts it has not, but the volume data suggests the tariffs and sanctions bought Washington something real, even if not everything it wanted.
That is the honest caveat BRICS enthusiasts tend to skip: the “counter-measures” are not just bluster from a superpower in denial. They are a demonstration that the incumbent order, whatever its institutional arthritis, still controls enough of the world’s shipping insurance, dollar clearing and market access to make dissent expensive on a case-by-case basis, even when it cannot be made expensive for an entire bloc at once.
But this article is not designed to skip the facts, just because its author is simply pro-BRICS. It’s an honest, realistic, friendly, and necessary analysis, that readers interested in a summarized diagnosis of the current state of geopolitical affairs need to know.
A Journey, Not a Destination
Put the two arguments side by side, the New Delhi Declaration and the order it is implicitly arguing with, and the fairest verdict is neither the triumphant multipolar dawn some BRICS hasty proponents would describe this week, nor the toothless talking shop its opponents prefer.
It is a bloc that has genuinely reshaped the trade and population statistics of the twenty-first century, and has correspondingly done not yet achieve, so far, the institutional plumbing. Namely, a functioning reserve arrangement, a realigned IMF, a working WTO appeals court, anything resembling a shared payments rail, that would let those statistics translate into leverage on the days that matter, yet.
The United States, for its part, keeps demonstrating the case against itself: an order it built, whose reform it now blocks by veto, defended increasingly through threats, tariffs – and violence — rather than through the persuasive advantages a genuinely attractive system would not need.
Twenty years in, BRICS has poured the foundation. Whether the walls go up, or whether the site simply becomes a permanent feature of the skyline, is still to be witnessed. The rhetoric is eloquently written, agreed upon, well-funded on paper, but understandably never quite finished.
It is more an on-going “journey”, than it is the “destination” both proponents and critics alike, tend to hastily or “propagandistically” present as a success or a failure.
This is exactly why I found this candid diagnosis to be necessary, and timely.
Tamer Mansour, Egyptian Independent Writer & Researcher




