South Africa has emerged from the 18th BRICS Summit in New Delhi with a clear economic agenda, as President Cyril Ramaphosa used the gathering to deepen trade and investment ties with India. At the same time, the expanded bloc adopted a landmark declaration condemning unilateral tariffs and calling for reform of the global trading system.
The two-day summit, hosted by Indian Prime Minister Narendra Modi under the theme “Building for Resilience, Innovation, Cooperation and Sustainability,” concluded with the unanimous adoption of the 45-page New Delhi Declaration 2026, a comprehensive document covering trade, terrorism, global governance reform, and economic cooperation.
A DECLARATION AGAINST UNILATERAL TRADE MEASURES
At the heart of the declaration is a sharp rebuke of protectionist policies that have reshaped global trade in recent years. Without naming the United States, BRICS leaders voiced “serious concerns about the rise of unilateral tariff and non-tariff measures, which distort trade and are inconsistent with WTO rules”.
The declaration called for the “immediate restoration” of a fully functioning, two-tier binding WTO dispute settlement mechanism, including the appointment of new Appellate Body members “without further delay”. The WTO’s Appellate Body has been paralysed for years after Washington refused to appoint new judges over concerns about judicial overreach.
The bloc also condemned “unilateral coercive measures” including economic and secondary sanctions, stating they are contrary to international law and have far-reaching consequences for populations in targeted countries, disproportionately affecting the poor and vulnerable.
For South Africa, which faces a 30% tariff threat on its exports to the United States, the declaration provides a powerful platform to advocate for a rules-based trading system that protects smaller economies from the whims of larger powers.
RAMAPHOSA: BRICS MUST IMPROVE LIVES OF SOUTH AFRICANS
In his weekly newsletter following the summit, President Ramaphosa emphasised that South Africa’s BRICS membership must deliver tangible benefits for ordinary citizens. More than a fifth of South Africa’s trade is with BRICS countries, and the bloc accounts for about half of the world’s population and a quarter of global trade.
“While BRICS Summits may seem far removed from the daily lives of South Africans, the country gains a lot from our membership of the group,”.
The President highlighted that South Africa’s membership in the New Development Bank, commonly known as the BRICS Bank, has enabled access to development finance for major energy, water, and transport infrastructure projects. The country also has access to a $100 billion pool of currency reserves through the BRICS Contingent Reserve Arrangement in the event of a liquidity crisis.
“We will continue to use our membership of BRICS to develop our economy and improve the lives of our people,” Ramaphosa said.
SOUTH AFRICA-INDIA ECONOMIC PARTNERSHIP DEEPENS
A key focus of Ramaphosa’s visit was strengthening economic ties with India, South Africa’s fourth-largest trading partner. More than 150 Indian companies have invested over $10 billion in South Africa, creating employment for more than 18,000 South Africans. Leading South African firms including Naspers, FirstRand Bank, Sanlam, and Momentum have significant investments in India.
Speaking at a South Africa-India CEOs Roundtable on the sidelines of the summit, Ramaphosa positioned South Africa’s reform agenda as a platform for stronger trade and investment. “South Africa is transforming its economy, undertaking far-reaching changes in our energy, telecommunications, logistics and water sectors,” he said.
The President noted that South Africa has emerged from more than a decade of electricity shortages into a new era of investment and competition, is reviving its freight rail system and ports, and has embarked on the largest infrastructure investment programme in the country’s history.
Opportunities for partnership were identified in green industrialisation, critical minerals and beneficiation, infrastructure, agriculture, and the digital economy. India’s expertise in pharmaceuticals and health technology could support local medicine and vaccine production, while South Africa’s critical minerals can supply India’s growing renewable energy, battery, and automotive value chains.
Ramaphosa also revealed that several multinational companies have expressed interest in investing in South Africa, citing the country’s ongoing economic reforms as a key attraction.
CROSS-BORDER PAYMENTS AND LOCAL CURRENCY
A significant development from the summit was the momentum behind efforts to reduce reliance on the US dollar for intra-BRICS trade. The declaration encouraged continued discussions on practical solutions for cross-border payments among member countries.
“We have discussed our desire to have local currency payment systems, and our central banks have been in discussion about this,” Ramaphosa said. “I believe that we are going to reach an agreement on this matter. It is important to enhance trade rather than be against another payment system or another currency”.
The push for local currency settlements has gained urgency as secondary sanctions and economic leverage wielded through global banking channels have prompted member nations to seek alternatives. India’s initiative to establish a BRICS Risk Lab at GIFT City in Gujarat underscores the collective drive to build independent insurance and reinsurance frameworks.
A BLOC UNITED BY EXTERNAL PRESSURE
Analysts note that the aggressive trade posture of the Trump administration has inadvertently strengthened BRICS unity. What was once a slow-moving debate about de-dollarisation has gained unprecedented momentum under current geopolitical pressures.
“Rather than allowing internal divisions to fracture the grouping, the shared vulnerability to unilateral trade measures has encouraged pragmatism,” observed one analysis. “The summit demonstrated that even as members hold differing geopolitical alignments, defending economic sovereignty provides a robust binding force”.
The declaration was adopted after intensive negotiations that continued until 4 am, with India leading efforts to bridge differences between the UAE and Iran over the West Asia conflict. The consensus marked a significant diplomatic breakthrough after a BRICS foreign ministers’ meeting in May failed to produce a joint statement due to those same differences.