What happened?
Foreign ministers of the expanded BRICS grouping failed to agree on a joint communique after a meeting in Rio de Janeiro. However, chair Brazil issued a national statement warning against rising trade protectionism. The statement expressed “serious concern” over the fragmentation of the global economy and the erosion of multilateralism, without directly naming the United States. The remarks come amid renewed tariff actions by the U.S. under President Donald Trump’s trade policy, which has raised alarm globally.
Why it matters to India
As a key BRICS member, India stands to be significantly affected by any weakening of multilateral trade frameworks. The failure to reach a joint BRICS communique reflects deepening geopolitical divides and rising economic uncertainty. India, with its export-driven sectors and strategic reliance on open trade, has a vested interest in countering unilateral protectionism. The July BRICS summit in Rio may offer a crucial opportunity to reinforce a collective stance on global trade rules and economic cooperation.
