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The BRICS Business Forum met in New Delhi on 11 September 2026, ahead of the 18th BRICS Summit at Bharat Mandapam on 12-13 September under India's Chairship.
Commerce and Industry Minister Piyush Goyal asked members to open markets, simplify regulatory procedures and diversify supply chains, noting that BRICS accounts for nearly one-fourth of global trade.
He urged BRICS countries to link their payment systems and trade in each other's local currencies, citing UPI's 250 billion-plus transactions a year.
External Affairs Minister S. Jaishankar said 2026 marks 20 years of institutionalised BRICS cooperation and named supply-chain connectivity and trade facilitation as priorities.
Commerce Secretary Rajesh Agrawal said intra-BRICS trade rose from USD 84 billion in 2003 to nearly USD 1.2 trillion in 2024.
The first BRIC ministerial meeting is held on the margins of the 61st session of the UN General Assembly — the start of the '20 years of institutionalised cooperation' Jaishankar referred to.
First BRIC Summit at Yekaterinburg, Russia.
South Africa joins; the grouping becomes BRICS and South Africa attends its first summit at Sanya, China, in 2011.
BRICS Business Council launched at the 5th Summit in Durban, South Africa.
At the 6th Summit in Fortaleza, Brazil, members sign the agreement creating the New Development Bank and set up the USD 100 billion Contingent Reserve Arrangement.
Leaders approve the declaration establishing the BRICS Women's Business Alliance at the 12th Summit.
Egypt, Ethiopia, Iran and the United Arab Emirates take up membership in the first big expansion; Saudi Arabia was also invited.
Indonesia becomes a full member.
18th BRICS Summit, New Delhi, under India's Chairship.
The BRICS multilateral development bank, funding infrastructure and sustainable development projects in member and partner economies
A USD 100 billion pool of currency reserves that members can draw on through swaps to handle short-term balance-of-payments pressure
Brings business associations from member countries into the BRICS process and advises governments on trade and investment barriers
Promotes women-led enterprise across BRICS; met in New Delhi in the week before this Forum
The 6th Summit's outcome document that created both the New Development Bank and the Contingent Reserve Arrangement — the single most-asked BRICS fact in past papers.
Linking payment systems and invoicing trade in members' own currencies reduces exposure to third-country reserve currencies and to correspondent-banking chokepoints; it is not the same as creating a common BRICS currency.
The same Pragati Maidan venue that hosted the G20 Leaders' Summit in September 2023 now hosts the 18th BRICS Summit — a recurring answer for venue-based questions.
GS Paper 2 > International Relations > Bilateral, Regional and Global Groupings Involving India
General Awareness > International Financial Institutions and Payment Systems
General Awareness > International Organisations and Summits
The Fortaleza Declaration', recently in the news, is related to the affairs of
Answer: BRICS
Consider the following statements: 1. New Development Bank has been set up by APEC. 2. The headquarters of New Development Bank is in Shanghai. Which of the statements given above is/are correct?
Answer: 2 only
Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)'?
Answer: Mobile wallets will not be necessary for online payments.
With reference to a grouping of countries known as BRICS, consider the following statements: 1. The First Summit of BRICS was held in Rio de Janeiro in 2009. 2. South Africa was the last to join the BRICS grouping. Which of the statements given above is/are correct?
Answer: 2 only
Consider the following statements with regard to BRICS: I. 16th Summit... Russia... II. Indonesia has become a full member... III. Theme... Which of the statements given above is/are correct?
Answer: I and III
BRICS institutions have appeared repeatedly in UPSC Prelims, including the Fortaleza Declaration (2015) and the New Development Bank (2016).
A USD 100 billion BRICS pool of central bank reserves, drawn through currency swaps to cushion short-term balance-of-payments pressure.
Regulatory barriers other than customs duties — standards, licensing, clearance procedures — which raise export costs more than tariffs do for 88 per cent of countries.
Invoicing and paying for trade in the partners' own currencies instead of a third-country reserve currency.
The grouping's medium-term economic cooperation framework, cited at the Forum as the basis for deeper integration.