BRICS summit winds down with a notable lack of consensus on Iran

The region faces international challenges from growing geopolitical tension to economic downturns, technology shifts, protectionist measures and migration pressures, it said.

BRICS brings together Brazil, Russia, India, China, South Africa, Ethiopia, Egypt, Iran and the UAE.

As the world’s third-biggest oil importer and consumer, India has been hit hard by Iran’s effective blockade of the Strait of Hormuz, through which a fifth of global supplies of oil and liquefied natural gas travel in normal times.