BRICS Issues New Delhi Declaration Recognizes Cross Border Payment Alternative to SWIFT and Use of National Currencies to Push Dedollarisation

In a joint declaration issued at BRICS Summit in Delhi, the grouping expressed concern over growing risks of nuclear danger and conflict.

· Peaceful dispute resolution: BRICS members reaffirmed their commitment to resolving international disputes through dialogue, consultation and diplomacy, rather than confrontation.

· Multilateralism: The grouping called for a multilateral approach that accommodates the diverse national positions of BRICS members on major global issues.

· Opposition to unilateral measures: BRICS condemned unilateral coercive measures, stating that such measures are contrary to international law.

· Cross-border payments: BRICS encouraged the BRICS Payment Task Force (BPTF) to continue work on practical cross-border payment solutions that are:

· Local-currency settlements: The declaration acknowledged ongoing discussions on using BRICS local currencies for trade settlements and investment, while recognising that there is “no one-size-fits-all approach.”

· Payment interoperability: BRICS noted work on the cross-border interoperability of payment and messaging channels, signalling continued efforts to facilitate trade and investment without relying exclusively on existing international payment arrangements.

· Nuclear risks: Leaders expressed concern over the growing risks of nuclear conflict, calling for renewed efforts on disarmament, arms control and non-proliferation.

· Nuclear-weapon-free zones: BRICS reaffirmed support for existing nuclear-weapons-free zones and associated assurances against the use or threat of nuclear weapons.

· Terrorism: The declaration strongly condemned all forms of terrorism, regardless of motivation, location or perpetrator.

· J&K terrorist attack: BRICS specifically condemned the 22 April 2025 terrorist attack in Jammu & Kashmir, in which 26 people were killed and many others injured.

· Counter-terrorism: Members called for action against cross-border movement of terrorists, terrorism financing and terrorist safe havens, while stressing that terrorism should not be associated with any religion, nationality, civilisation or ethnic group.

· Accountability: Those involved in terrorist activities and their support networks should be held accountable and brought to justice under applicable national and international law.

The expanded BRICS comprises 11 countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and UAE.

The members of BRICS on Friday reiterated their commitment to resolving international disputes through dialogue, consultation and diplomacy in the key New Delhi declaration issued at the ongoing summit in the city.

The grouping called for a multilateral approach that takes into account the diverse positions of member countries on major global issues, according to details of the declaration. Track all updates from Day 1 of BRICS Summit in Delhi

In the joint declaration issued at the BRICS Summit in New Delhi, the grouping expressed concern over the growing risks of nuclear danger and conflict and reaffirmed its commitment to the peaceful resolution of international disputes.

Key takeaways from the Delhi declaration

Opposition to unilateral measures: BRICS condemned the imposition of unilateral coercive measures that it said are contrary to international law.

Cross-border payments: The grouping encouraged continued discussions to find practical solutions for cross-border payments among BRICS countries. “We acknowledge the efforts of the BRICS Payment Task Force (BPTF) towards exploring pragmatic solutions for efficient cross-border payment mechanisms, drawing on the guidance, provided by us in the Kazan and Rio Declarations, on the BRICS Cross-Border Payments Initiative. In this regard, we acknowledge the work done to study the cross-border interoperability of payment and messaging channels, and the discussions on promoting trade settlements and investments using BRICS local currencies, while respecting national priorities and acknowledging that there is no one-size-fits-all approach. We encourage the BPTF to continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among BRICS countries, which are fast, low-cost, more accessible, efficient, transparent, and safe.”

Nuclear risks: Leaders expressed concern over growing risks of nuclear danger and conflict, reiterating the need for invigorating the system of disarmament, arms control and non-proliferation and for preserving its integrity and effectiveness to achieve global stability and international peace and security.

“We stress the significant contribution of nuclear-weapon-free zones to the strengthening of the nuclear non-proliferation regime, reaffirm our support for and respect towards all existing nuclear-weapons free-zones and their associated assurances against the use or threat of use of nuclear weapons…,” the declaration read.

Multilateral approach: BRICS advocated a multilateral approach that respects diverse national viewpoints and positions on crucial global issues.

Diplomacy over conflict: The declaration reiterated the bloc's commitment to resolving international disputes peacefully through dialogue, consultation and diplomacy.

Acts of terrorism condemned: The grouping also expressed “strong condemnation” of any acts of terrorism as criminal and unjustifiable, regardless of their motivation, whenever, wherever and by whomsoever committed. “We condemn in the strongest terms the terrorist attack in Jammu and Kashmir on 22 April 2025, during which 26 people were killed and many more injured. We reaffirm our commitment to combating terrorism in all its forms and manifestations, including the cross-border movement of terrorists, terrorism financing and safe havens. We reiterate that terrorism should not be associated with any religion, nationality, civilization or ethnic group and that all those involved in terrorist activities and their support must be held accountable and brought to justice in accordance with relevant national and international law,” the Declaration read.

Prime Minister Narendra Modi on Saturday kicked off the high-stakes BRICS Summit at Bharat Mandapam in Delhi, an event for which the city has been fortified given its high-profile attendance - particularly Chinese and Russian presidents Xi Jinping and Vladimir Putin.

BRICS - which stands for Building for Resilience, Innovation, Cooperation and Sustainability - brings together eleven major emerging markets and developing countries of the world: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and United Arab Emirates (UAE).

BRICS describes itself as a useful platform for consultation and cooperation on contemporary issues having global as well as regional significance, and issues of global political and economic governance.