BRICS leaders adopt New Delhi Declaration, call out unilateral tariffs and WTO concerns

On 12 September 2026 BRICS leaders unanimously adopted the New Delhi Declaration, formally calling out unilateral tariff and non‑tariff measures as trade distortions, urging restoration of a fully functioning WTO dispute settlement mechanism, and reiterating support for greater representation of developing countries in global institutions.

The declaration’s explicit opposition to unilateral tariffs and its call for WTO dispute‑settlement restoration raise policy and governance questions that could affect exporters reliant on open markets. If BRICS follow through with coordinated trade-policy initiatives, long-dated sovereign and corporate credits tied to commodity exporters could see increased perceived policy risk; outcomes depend on concrete measures and WTO responses.

Monitor BRICS follow-up proposals on WTO reform and any coordinated trade measures over the next six months.