BRICS summit seen as potential venue for new Iran ceasefire talks
An opinion piece argues that BRICS members have been the only brokers of ceasefires in the ongoing Iran conflict, while Washington has not. With leaders gathering in New Delhi, the summit could offer a unique opportunity for new negotiations. Recent attacks on Kuwait and shipping have escalated tensions, making diplomatic efforts urgent.
The New Delhi summit follows the collapse of the Islamabad Memorandum, a June ceasefire that lapsed in mid-August due to conflicting interpretations of its articles. That pact, assembled with assistance from Pakistan, Qatar, Oman, Turkiye, Saudi Arabia, and Egypt, had promised sixty days of safe passage through the Strait of Hormuz and a $300 billion reconstruction package.
China's economic stake is particularly significant, as it purchases over 80% of Iran's crude exports while also importing heavily from Gulf states affected by the conflict. Beijing's Gulf imports fell 25% year-on-year in March, creating financial exposure on both sides, even as it has supplied Tehran with dual-use technology and a commercial reconnaissance satellite.
The summit could provide a rare diplomatic opening, potentially easing immediate threats to civilian populations in Gulf states and stabilizing global energy prices near $97 a barrel. However, the failure of prior agreements may deepen skepticism among affected communities about mediation's reliability. If BRICS leaders craft a unified framework, it might restore confidence in multilateral conflict resolution, though internal bloc divisions could limit tangible outcomes.