India Urges Brics to Focus on Stabilizing Global Economy and World Order

India called on the Brics grouping to focus on stabilizing the global economy and world order, while opposing unfair trade practices and increased barriers, at a virtual summit convened to discuss the impact of the tariff policies of the Trump administration in the US. External Affairs Minister S Jaishankar represented the Indian government at the meeting, chaired by President Luiz Inacio Lula da Silva of Brazil. India has been hit with 50% tariffs by the US, along with Brazil, among the highest in the world. Jaishankar emphasized the need for a fair, transparent, and rules-based international trading system, while also calling for the reform of multilateralism and the protection of the global South from the conflicts in Ukraine and West Asia.

Key Takeaways:

• India urged the Brics grouping to focus on stabilizing the global economy and world order, while opposing unfair trade practices and increased barriers.
• External Affairs Minister S Jaishankar called for the protection of the global trading system based on an open, fair, non-discriminatory, and rules-based approach.
• The Indian government has been hit with 50% tariffs by the US, along with Brazil, among the highest in the world.
• Jaishankar emphasized the need for the reform of multilateralism and the protection of the global South from the conflicts in Ukraine and West Asia.
• The Indian government urged Brics to address the impact of conflicts in Ukraine and West Asia on the Global South and to back the reform of multilateralism.
• President Xi Jinping of China argued that hegemonism, unilateralism, and protectionism were becoming more rampant and called on Brics to defend multilateralism and the multilateral trading system.
• The bloc should remain committed to an open global economy and the multilateral trading system with the World Trade Organization (WTO) at its core while opposing "all forms of protectionism".

Statistics:

• 50%: The tariffs imposed by the US on India and Brazil, among the highest in the world.
• $25 billion: The punitive tariff slapped by the US on Indian goods over the purchase of Russian energy.
• The International Solar Alliance, Coalition for Disaster Resilient Infrastructure, and Global Bio-fuels Alliance: New initiatives mentioned by Jaishankar as important for addressing climate change and climate justice.

Sources:

• "India on Monday urged the Brics grouping to focus on stabilising the global economy and world order...", Hindustan Times, September 8 (no date specified)
• External Affairs Minister S Jaishankar's address at the virtual Brics Summit
• Chinese President Xi Jinping's address at the virtual Brics Summit