Finance · updated 2h ago · 2 min read
BRICS Leaders In New Delhi Urge Maximum Restraint Over Middle East War In Joint Declaration
BRICS leaders unanimously adopted a joint declaration urging maximum restraint over the Middle East war. The declaration expresses deep concern about the conflict and cautions against unilateral actions.
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BRICS Declaration in New Delhi
BRICS leaders meeting in New Delhi adopted a joint declaration expressing "deep concern" over the war in the Middle East and urging "maximum restraint," while also calling for a "multilateral approach" that respects national viewpoints.
“urging maximum restraint”
The declaration was adopted on the first day of the BRICS leaders' annual summit in New Delhi and reiterated member nations' commitment to peaceful resolution of disputes "through dialogue, consultation, and diplomacy".
France 24 said the statement was seen as indirect criticism of US and Israeli strikes on Iranian nuclear facilities, while the Economic Times reported that Prime Minister Narendra Modi proposed adoption of the declaration and said "No objections have been raised by any member."
The Economic Times also said the declaration expressed concern about rising unilateral tariffs and non-tariff measures that distort trade and encouraged continued discussions aimed at facilitating practical solutions for cross-border payments among BRICS countries.
Finance, Tariffs, and Institutions
BRICS finance chiefs, in a joint statement after meetings in Jaipur in August and Mumbai on September 10, warned that the global economy faces elevated risks from geopolitical tensions, trade fragmentation, protectionism, policy uncertainty, fiscal and inflationary pressures, rising debt and financial vulnerabilities.
They expressed "serious concerns" over unilateral tariffs and non-tariff measures, saying such actions distort trade and are inconsistent with World Trade Organization rules, and they reiterated the urgent need to reform the Bretton Woods Institutions to make them "more agile, effective, credible, inclusive, fit for purpose".
The Rediff MoneyWiz report said BRICS backed implementation of quota increases agreed under the 16th General Review of Quotas and called for meaningful quota realignment under the 17th review, while also describing the 2025 World Bank Shareholding Review as an opportunity to increase the voice and representation of developing countries.
In parallel, the Economic Times said the declaration encouraged continued discussions for practical cross-border payment solutions among BRICS countries as part of the bloc’s economic agenda.
Unity Under Pressure
As the summit convened, ABC News said wars in Ukraine and the Middle East and U.S.-China tensions were testing the group's unity, with host India seeking to balance ties with China and Russia against growing partnerships with the United States and other Western powers.
“When a country faces political and economic pressure on its trade”
AFP reported that Xi Jinping arrived in New Delhi to join Indian, Russian, and Iranian leaders at a BRICS summit dominated by files on conflicts, trade, and energy, and said the war in the Middle East after US and Israeli strikes on Iran in late February would dominate talks that begin on Saturday and run for two days.
AFP also said Modi hosted Iranian President Ebrahim Raisi before the summit, and Raisi warned: "When a country faces political and economic pressure on its trade, energy, infrastructure, and financial system, the consequences go beyond its borders."
In the same reporting, AFP linked the conflict to disruptions in global trade and oil prices and said Xi’s presence marked his first visit to the country since 2019, while ABC News described the summit as a test of whether BRICS can act together despite competing interests.