Xi pushes ‘Greater BRICS’ economic ties

Business Recorder reported, citing Xinhua, that Chinese President Xi Jinping unveiled a series of initiatives on Sunday at the BRICS leaders' summit in New Delhi. The measures range from artificial intelligence to trade, and aim to deepen cooperation among emerging economies that China and Russia sometimes call 'Greater BRICS'. Beijing is pursuing the grouping as a practical platform for development across the Global South.

Xi said the initiative's success hinges on building a firm base for practical cooperation, and he urged members to keep industrial and supply chains stable and build an integrated market. China will also lead the creation of a BRICS AI Open Source Zone focused on large language models, training of AI systems and open-source ecosystems. He proposed a partnership on BRICS Special Economic Zones and an upcoming BRICS Service Trade Forum that Beijing will organise to expand trade and investment ties.

The gathering comes amid renewed Gulf fighting, with the United States and Iran trading strikes and Iran-backed Houthis attacking Saudi Arabia. Even so, leaders reached consensus on Saturday on a joint declaration that Iran and the UAE backed, voicing deep concern over escalating Middle East tensions and calling for maximum restraint. Separately, Iranian President Masoud Pezeshkian held talks with the Crown Prince of Abu Dhabi on the margins of the summit, in the highest-level contact between the two states since hostilities started.