During the opening day of the 18th BRICS summit, member nations reached a unanimous agreement to expand the use of local currencies for international trade and financial settlements. The policy, formalized in the 'New Delhi Declaration 2026,' marks a significant step toward the bloc's long-term goal of de-dollarization. This shift in financial policy comes as the group seeks to establish greater economic autonomy and counter what it describes as an increasingly assertive United States.

Despite internal diplomatic divisions that have historically hindered the bloc's cohesion, the member nations successfully found common ground to move forward with this initiative. The decision follows a closed-door session led by Indian Prime Minister Narendra Modi. While the declaration emphasizes economic cooperation, analysts suggest the timing of the agreement is heavily influenced by the current geopolitical climate, specifically the perceived pressure exerted by Washington. By prioritizing local currency transactions, the bloc aims to insulate its member economies from potential U.S. sanctions and fluctuations in the dollar's value. The summit continues with discussions on further institutional integration and the potential for future expansion of the bloc's membership.