Chinese President Xi Jinping has called for deeper economic and financial cooperation among the expanded BRICS grouping, saying stronger practical ties could help increase the bloc’s influence on the global stage.
Addressing the BRICS leaders’ annual summit in New Delhi, Xi said the success of the “Greater BRICS Initiative” would depend on establishing a strong foundation for practical cooperation.
He urged member states to strengthen collaboration, safeguard the stability of industrial and supply chains and work towards developing a more integrated market.
China will also take the lead in establishing a BRICS artificial intelligence open-source zone to encourage cooperation in large language models, AI training and the development of an open AI ecosystem, Xi said.
He further proposed a BRICS Special Economic Zone partnership and announced that China would host a BRICS Service Trade Forum next year to strengthen trade and investment ties.
BRICS has expanded significantly from its original membership of Brazil, Russia, India, China and South Africa, which was established in 2009 with the aim of giving major emerging economies greater influence in global institutions.
The grouping now includes Iran, Indonesia, Egypt, Ethiopia and the United Arab Emirates, while 10 additional countries have joined as partners, extending its reach across Asia, Africa, Latin America and the Middle East.
China and Russia have referred to the expanded grouping as “Greater BRICS”.
Indian Prime Minister Narendra Modi said the benefits of solutions developed through BRICS should extend beyond member states and be adapted to meet the needs of countries across the Global South.
Russian President Vladimir Putin described BRICS as an important force in efforts to establish a fairer and more multipolar international order. He called on members to find ways to combine the competitive strengths of their individual economies.
The summit took place amid renewed conflict in the Gulf, including escalating exchanges between the United States and Iran and attacks by Yemen’s Houthi movement targeting Saudi Arabia.
Despite divisions over the regional conflict, BRICS leaders reached agreement on a joint declaration on Saturday, including support from Iran and the UAE.
The declaration expressed deep concern over the escalating tensions in the Middle East and called on all sides to exercise maximum restraint.
Iranian President Masoud Pezeshkian also held talks with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan on the sidelines of the summit. The meeting focused on de-escalation, regional stability and efforts to promote peace and development.
On Sunday, BRICS leaders, including Xi, Putin and Modi, entered a second day of discussions in New Delhi focused on inclusive global growth.
Modi urged greater cooperation within the grouping, saying BRICS represents around half of the world’s population, 40 per cent of global GDP and more than a quarter of global trade.
“The power of BRICS lies in our diversity and cooperation,” Modi said during the final day of talks, stressing the bloc’s efforts to promote inclusive global growth.
The Middle East conflict dominated the first day of the summit.
BRICS foreign ministers had failed to reach agreement on a joint statement during a meeting in New Delhi in May, with Iran, Saudi Arabia and the UAE divided over the conflict that began with US and Israeli strikes on Iran on February 28.
However, after intensive diplomatic efforts by India, the leaders managed to issue a joint statement expressing concern over the continued escalation of tensions in the Middle East and calling for “maximum restraint”.
Modi has maintained relations with both Iran and Israel while seeking to balance India’s strategic ties with Washington.
India has also sought to manage the energy crisis arising from the US-Israeli conflict with Iran by increasing reliance on Russian energy supplies, despite pressure from Western countries over Moscow’s war in Ukraine.
Xi’s participation in the summit marked his first visit to India since 2019 and represented a significant step in the gradual improvement of relations between the two nuclear-armed neighbours.
Relations deteriorated sharply following a deadly military confrontation along their disputed Himalayan border in 2020. However, the two sides have since taken steps towards easing tensions, including restoring flights, visas and high-level diplomatic contacts.
During a meeting with Modi, Xi said that despite differences between the two countries, China and India could complement each other’s strengths, cooperate and pursue mutual development.
The long-running territorial dispute remains unresolved, with both countries maintaining substantial military deployments along their roughly 3,500-kilometre high-altitude border.
Following the meeting, India’s foreign ministry said the two leaders reaffirmed their commitment to finding a “fair, reasonable, and mutually acceptable” solution to the boundary dispute.
However, mistrust continues to affect bilateral relations, with trade imbalances and strategic competition adding to tensions.
Xi called for closer financial cooperation between the two countries and urged them to support a more equal and sustainable international order and an open and inclusive global economy.
Xi’s visit also drew protests in New Delhi, where dozens of Tibetans demonstrated against Chinese policies. Many Tibetan exiles, including their spiritual leader the Dalai Lama, have lived in India since fleeing China following the 1959 uprising.
