BRICS: Reshaping the Global Economic Order

SYNOPSIS

BRICS includes emerging countries that are now coming together for themselves, with their own vision of economic growth, sustainability,innovation and to reduce long term dependence on imports.

For decades, global economic policies were set by a handful of Western nations. As emerging powers demand a greater voice, the center of gravity is shifting toward a newly expanded force: BRICS.

Imagine a world where Western powers are no longer dominant in shaping the world’s economic decisions. What if emerging economies had a bigger say in how the world should do global trade, finance, investment and development?

This is where BRICS enters the picture. BRICS is a group of countries that came together to create a big impact on the global economy. Now, the world's economic decisions are not shaped mainly by Western countries. But BRICS countries are also coming together to strengthen cooperation and create a greater impact for themselves in the global economy.

Recent Summit held on 12-13 September at Bharat Mandapam under the chairmanship of India, where countries made many decisions regarding the supply chain Framework, Sustainability, Urban transport systems, Agriculture, and domestic manufacturing to reduce long-term dependence on imports for all BRICS countries.

Global South countries confidence in BRICS is increasing because in BRICS their opinions are heard, experiences are respected, and solutions are developed by taking every country's suggestions for decision-making.

This BRICS joint 2026 declaration is not just a declaration of BRICS.But it is a declaration of success for every member of BRICS. PM Modi made a statement at the summit that “We are rule makers, not rule takers”. This clearly focuses on a large vision of BRICS to reshape the global economic order.

Today, the expanded BRICS group has countries that together have a large amount of natural resources, important trade routes and major production of commodities that are used around the world.

BRICS Summit 2026 was held at a time when the world was facing multiple challenges, including conflicts in West Asia, disruptions to supply chains, energy-security concerns, unilateral sanctions and growing rivalry among countries. In the middle of such a complex global environment, India hosted the summit and brought BRICS members together at the same table for Discussion and cooperation. These discussions focused on building resilience, strengthening the Global South, and promoting innovation and sustainability so that BRICS countries become more self-dependent.

BRICS wants to reform the global order but not to divide the world into rival camps this group is focusing on a more balanced and inclusive global system where emerging economies have a greater voice in shaping international decisions.  

So it is giving shape to the global economy, where power will not be in the hands of just a few nations, but it is creating a balanced global economy.

Himanshu Dhanotiya