By Hedelberto López Blanch * / Special contribution for *Resumen Latinoamericano*
During the 18th BRICS summit held in New Delhi, India, on September 12 and 13, the economic, commercial, and financial strength that the group has acquired in the short time since its founding was confirmed; the bloc strives to build a more inclusive world for all developing nations.
The summit’s final declaration—held under the theme “Building for Resilience, Innovation, Cooperation, and Sustainability”—embodied the conviction to consolidate alliances and advance toward multilateralism. It also outlined a set of initiatives aimed at democratizing the international system, strengthening local trade, and expanding financial and industrial infrastructure into the Global South, with the goal of creating a new, sustainable platform for global growth.
Despite Western propaganda attempting to downplay the group, the potential of BRICS is undeniable. Originally formed in 2006 by Brazil, Russia, India, and China, it expanded in 2011 to include South Africa; Egypt, the United Arab Emirates, Ethiopia, Iran, and later Indonesia joined as permanent members in 2024. Cuba, Bolivia, Belarus, Uzbekistan, Malaysia, Kazakhstan, Uganda, and Thailand have appeared as partners since January 2025.
Thus, the volume of trade among these countries exceeded one trillion dollars in 2025, according to a TV BRICS report. This highlights the group’s transformation from a concept focused on economic growth into one of the major trade blocs redefining global flows of goods. Over the past five years, intra-group trade has grown at an average annual rate of 4.75%, characterized by increased use of local currencies and driven by economic integration and the group’s expansion through the admission of new countries.
Analysts from the Sk Fintech Hub ecosystem (a service providing a comprehensive view of financial activity) reported that more than 67% of trade within the bloc is already conducted in national currencies. Meanwhile, the BRICS+ group’s combined macroeconomic indicators reflect its growing weight in the global economy: in 2025, the group accounted for 39.7% of global GDP.
Experts anticipate a significant rise in imports within the partnership, with China and Russia emerging as the primary beneficiaries due to their export-oriented economies.
According to Professor Erik Escalona Aguilar of Bernardo O’Higgins University in Santiago, Chile, China acts as an anchor for demand—absorbing raw materials, energy, and food—and as a major supplier of industrial goods, machinery, and intermediate products, effectively serving as a market maker in various sectors across these countries.
In addition to China—the largest trading partner for all BRICS nations—experts highlight India as a major market and a selective supplier. Meanwhile, Russia and Brazil remain key players in fuels and agricultural products, and Indonesia bolsters the group’s productive potential and its influence in Southeast Asia.
Regarding trade characteristics, Professor Guillermo Miguel Rocafort Pérez of the Faculty of Economic and Communication Sciences at the University of Madrid notes that the BRICS nations play a significant role in the global natural resources market: the group accounts for over 40% of global oil production, nearly 25% of global raw material exports, and approximately 30% of iron ore reserves. Russia’s main exports remain raw materials—primarily energy resources—with Beijing as its leading trading partner and India in second place; trade increasingly relies on national currencies such as the yuan, the rupee, and the ruble.
For its part, China continues to expand its supply of high-tech products and increase imports of strategic resources, acting as the primary engine of growth and trade integration, with a share of around 70%—amounting to $700 billion.
Furthermore, the strengthening of the entire production chain through South-South cooperation has been another significant factor.
Brazil stands out as a key supplier of agricultural and mineral products within the bloc, accounting for 36% of exports, while India distinguishes itself as an exporter of pharmaceuticals, electronics, petroleum products, and precious stones, as well as a global leader in generic medicines.
Broadly speaking, the BRICS nations seek to manage the entire production process for goods and services—spanning everything from the extraction of minerals and raw materials to the full production cycle—thereby capturing value-added within Global South countries.
To achieve this, and given the vast geographical distances involved, members are working to develop transport corridors that reduce both costs and transit times.
These include the Northern Sea Route, the “North-South” corridor, the transoceanic corridor championed by China and Brazil, a transcontinental corridor stretching from Murmansk to Southern Africa, and the “Primorye-2” International Transport Corridor.
Efforts are also underway to simplify, unify, and digitize customs procedures, though progress faces hurdles—such as legislative disparities, technical limitations, and cybersecurity challenges—that will be addressed over time.
Cuba and the BRICS
The final declaration of the 18th Summit rejected unilateral economic sanctions and other restrictive trade measures not backed by the multilateral system; it expressed deep concern regarding the impact of the U.S. economic blockade against Cuba and demanded an end to such unilateral coercive measures.
In his address at the summit, the Cuban Foreign Minister emphasized the urgent need to replace the exploitative international financial architecture with one that democratizes its institutions and governance mechanisms. He noted that this process requires establishing an alternative financial system to facilitate the de-dollarization of the global economy. He further stated that the BRICS New Development Bank must increasingly establish itself as a viable alternative, enabling member nations to access financial resources on more favorable terms. Jorge Méndez, First Deputy Minister of Foreign Trade and Foreign Investment—who also attended the summit—noted that Cuba’s admission as a full member is a prospect for the future. He stated that the Caribbean island could contribute “its experience in cooperation and solidarity, as well as our perspective on how countries of the Global South can help one another and work toward integrating their economies for the benefit of their populations.”
“I believe,” he added, “that such integration could be beneficial for both Cuba and the organization.”
In Méndez’s view, the profound economic transformation undertaken by the Cuban government paves the way for greater cooperation between the country and the BRICS bloc.
“Mindful of the need to modernize the Cuban economy,” he emphasized, “we are opening it up to new opportunities and creating a more attractive, competitive business environment—not only for the domestic private sector but also for foreign investment.”
In summary, the 18th BRICS Summit in New Delhi demonstrated the group’s formidable economic and financial strength—a strength set to grow even further in the coming year under the leadership of the People’s Republic of China.
(*) Cuban journalist. He writes for the daily newspaper *Juventud Rebelde* and the weekly *Opciones*. He is the author of *La Emigración cubana en Estados Unidos* (Cuban Emigration to the United States), *Historias Secretas de Médicos Cubanos en África* (Secret Stories of Cuban Doctors in Africa), *Miami, dinero sucio* (Miami, Dirty Money), and *Rubio, un mitómano incontrolable* (Rubio, an Uncontrollable Mythomaniac), among others.
Cover illustration: Adán Iglesias Toledo.
