BRICS Summit 2026: ‘BRICS means balanced trade’ – a message to the world from the business forum meeting

The 18th BRICS Summit 2026 in Delhi has become the center of global attention as world leaders gather at Bharat Mandapam. A significant highlight of the event was the bilateral meeting between Prime Minister Narendra Modi and Russian President Vladimir Putin. The meeting was marked by a warm gesture where PM Modi and President Putin shared a hug, symbolizing the deep-rooted friendship between the two nations. During this interaction, PM Modi presented a special gift to the Russian leader: a Russian translation of a Tamil book written by Saint Thiruvalluvar. This literary masterpiece, composed approximately 2000 years ago, was described by PM Modi as a bridge between people, focusing on human life and strengthening bilateral ties. PM Modi informed President Putin that the translation was specifically commissioned in the Russian language for him, to which the Russian President responded with gratitude.

High-Level Bilateral Discussions and Defense Cooperation

Following the gift exchange, PM Modi and President Putin engaged in a high-level bilateral meeting that lasted for about 45 minutes. The discussions covered a wide range of critical sectors including trade, nuclear energy, and defense. President Putin was accompanied by a high-level delegation to Delhi, reflecting the importance of this visit. This trip marks the first time since the beginning of the Ukraine conflict in February 2022 that President Putin has personally attended a BRICS summit held outside of Russia. Kremlin spokesperson Dmitry Peskov had previously indicated that the two sides would explore the possibility of upgrading the BrahMos missile system. Plus, Russia remains committed to delivering the remaining S-400 systems to India, and discussions regarding the proposed supply of Sukhoi-57 fighter jets are also ongoing.

The Vision of Balanced Trade at the Business Forum

After their private meeting, both leaders visited the INNOPROM exhibition, which featured stalls from prominent Russian companies. They then proceeded to the BRICS Business Forum meeting. During this session, India's Minister of Commerce and Industry, Piyush Goyal, delivered a significant message to the global community, stating that for India, BRICS stands for Balanced Trade. This statement underscores the group's focus on equitable economic relations among member nations, while the summit serves as a platform to enhance investment and energy cooperation, which were central themes in the dialogue between PM Modi and the Russian delegation.

Strengthening Ties with Iran and Regional Stability

In addition to the Russian President, PM Modi also held talks with Iranian President Masoud Pezeshkian, who arrived in Delhi on Friday. This visit is particularly noteworthy as it's Pezeshkian's first trip to India since assuming the presidency, while his visit comes at a time of heightened tensions in West Asia following new economic sanctions imposed by the United States against Iran. President Pezeshkian emphasized that BRICS member countries should focus on increasing their economic strength. He noted that the New Development Bank of BRICS was established to reduce the dependency of nations on the dollar and to counter efforts aimed at establishing American dominance. The meeting between PM Modi and President Pezeshkian focused on strengthening bilateral trade and consolidating the relationship between India and Iran.

Context of Global Diplomacy and Peace

The interactions at the 18th BRICS Summit follow a recent meeting between PM Modi and President Putin on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Bishkek last week. During that encounter, PM Modi had called for an immediate end to the Ukraine conflict, urging a transition from an endless war toward the end of war. The current summit in Delhi continues this trajectory of high-stakes diplomacy, where India plays a pivotal role in balancing relations with major global powers while advocating for regional peace and economic stability, while the presence of both Russian and Iranian leadership in Delhi highlights India's strategic autonomy and its capacity to host diverse international stakeholders for constructive dialogue.