Iranian President Masoud Pezeshkian in his speech at the BRICS Business Forum called on the BRICS members on Friday to expand the use of national currencies in trade, strengthen financial cooperation.
This by itself shows the 18th BRICS Summit in Delhi is 'more than' just that ... without telling in as many words. Countries are now simply questioning the rules of a game long rigged in Washington’s favour vis-a-vis Dollar. The refrain is now clear - De-dollarisation is not a threat to global stability.
The hidden but more powerful message is that the Trust in the US is eroding.
As he has been ambitious always for 'glories'; Indian Prime Minister Narendra Modi may achieve something big at the end of the Summit.
'BRICS' is changed from it was. There is a subtler and more strategic ambition but seemingly feasible.
The challenge from Iran is significant. Russia president Vladimir Putin has broad-based it by making a veiled criticism of G-7.
More and more countries would not mind to insulate themselves from America's gravitational structures, restrictions and pull.
At the same time, the BRICS - now 11 full-fledged members and also the rest are also marching a head to build a joint hi-tech industrial base.
"Economic security is not separate from national and regional security. Whenever a country's trade, energy, infrastructure, or financial system comes under political-military pressure, its effects transcend that country's borders and impact the region and even the global economy," the Iranian president was clear and assertive.
Some of the problems in real sense have been created by the US.
Trump slapped tariffs on Brazil over its internal politics. This angered the rest of the world. Washington preferred to turn 'economic diplomacy' into personal vendetta. This meant how the rules-based order has been unravelling.
The postwar order since the middle of the last century stood on three pillars:
Open Trade, US dominance and hydrocarbons.
All three are cracking. From 2025 itself; BRICS has already surpassed the G7 in terms of purchasing power parity - amplifying its demands for a more fairly balanced global financial system.
Take a closer view and one can understand that -- weaponisation of the dollar has backfired on the US.
Other nations including Indonesia, South Africa, Brazil and of course even China, Iran and India are displaying the resilient and the killer instinct to reclaim their sovereignty.
They also want to make it clear that -- the Economic resilience is not possible without diversification of trade partners, financing sources, and payment mechanisms.
“China stands ready to work with India... by strengthening communication, enhancing cooperation, and properly handling differences,” said Beijing’s foreign ministry spokesperson Mao Ning.
In some ways, the strategic rivalry and the deep mistrust of the past may be set aside.
India maintains cordial relations with Iran and also Israel, but has to strike a delicate balance with the Trump-led administration.
So far, India has navigated the energy crisis sparked by the US-Iran war and Russia-Ukraine conflict.
Meanwhile, BRICS finance ministers and central bank governors have issued a statement calling for reform of global developmental financial institutions such as the International Monetary Fund and World Bank.
In other words, they are seeking a stronger voice for emerging market economies.
BRICS Delhi under the stewardship of PM Modi and ably supported by China, Iran and Russia can give a clearer missive that the unipolar new world order that George Bush boasted of in 1991 at the end of the first Gulf War has collapsed. Trump may not realise this.
Foundation of a 'neoliberal utopia' may be laid in Delhi.
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