BRICS summit in New Delhi to push local-currency trade and practical financial ties

India will host the BRICS summit in New Delhi on September 12-13, with a focus on boosting intra-group trade using national currencies and developing practical financial mechanisms, according to officials. The agenda includes discussions on local-currency settlements and reducing trade transaction costs among the 11-member bloc. India is wary of US sanctions and will avoid any explicit de-dollarisation initiatives, favoring bilateral mechanisms instead. The summit will also address trade imbalances, particularly with China and Russia. The grouping has agreed on several outcomes, including a startup innovation fund, an MSME cooperation portal, and principles for digital services. India aims to make BRICS more practical and development-oriented, though achieving a consensus declaration on contentious issues like the West Asia conflict remains a challenge.