India Urges BRICS to Stabilise Global Economy, Oppose Unfair Trade Practices at Virtual Summit

At a virtual BRICS summit on Monday, India called on the grouping to prioritise stabilising the global economy and world order while pushing back against unfair trade practices and rising barriers.

External affairs minister S. Jaishankar, representing India at the meeting chaired by Brazilian President Luiz Inácio Lula da Silva, stressed the need to safeguard an “open, fair, non-discriminatory and rules-based” global trading system.

Without naming the Trump administration, Jaishankar warned that “trade patterns and market access” are central issues in today’s economic debate. He said linking trade measures to non-trade matters — such as punitive tariffs over India’s purchase of Russian energy — only worsens disruption. Both India and Brazil have recently faced 50% US tariffs.

Focus on conflicts and the Global South

Jaishankar also highlighted the impact of conflicts in Ukraine and West Asia on the Global South, particularly on food, energy and fertiliser security. He called for an early end to hostilities and durable diplomatic solutions, warning that “where shipping is targeted, not just trade but livelihoods also suffer.”

The minister added that global governance institutions, including the UN and its Security Council, have failed to respond to contemporary challenges. He urged BRICS to become a “strong voice” for urgent reform of multilateralism.

Call for resilient supply chains

With the world facing pandemic fallout, conflicts, climate shocks and trade volatility, Jaishankar argued for building “resilient, reliable, redundant and shorter supply chains,” while decentralising manufacturing to ease anxieties during crises.

India, he noted, continues to face trade deficits with BRICS partners and has sought “expeditious solutions” to redress them.

Xi Jinping targets ‘trade wars’

Chinese President Xi Jinping, in his remarks, criticised “hegemonism, unilateralism and protectionism,” saying trade wars by “some countries” were undermining global rules. He urged BRICS nations to defend multilateralism, uphold the WTO system and ensure the Global South’s equal participation in global cooperation.

Both India and China framed the summit as a call for collective action — not only to address trade disputes but also to strengthen cooperation on climate change, sustainable development and South-South partnerships.