**BRICS Urged to Defend Multilateral Trade System Amid Rising Protectionism**
At a recent gathering of foreign ministers at the United Nations, Indian External Affairs Minister (EAM) S. Jaishankar called on BRICS to prepare to counter challenges threatening the global trade system—challenges that particularly target the group and single out some of its members.
“As rising protectionism, tariff volatility, and non-tariff barriers impact trade flows, BRICS must defend the multilateral trading system,” EAM Jaishankar emphasized during the meeting on Friday.
US President Donald Trump has expressed intentions to impose additional tariffs on BRICS members, separately levying total tariffs of 50% on imports from India and Brazil, and 30% on most goods from South Africa. While highlighting the risks BRICS faces, Jaishankar refrained from naming the US directly.
Echoing the call for collective action, Ethiopia’s State Minister of Foreign Affairs Hadera Abera Admassu, who also attended the meeting, proposed stronger joint initiatives. He stated on X (formerly Twitter), “I called for stronger collective action to tackle global challenges.” He added, “BRICS has a historic role to play in advancing peace, reforming global institutions, and in shaping a fairer, more secure world for the Global South.”
On the same platform, EAM Jaishankar noted, “When multilateralism is under stress, BRICS has stood firm as a strong voice of reason and constructive change.”
**IBSA Forum and UN Reforms**
In addition to BRICS discussions, Jaishankar participated in the foreign ministers’ meeting of IBSA—the trilateral group of democracies comprising India, Brazil, and South Africa, which are emerging economies spanning three continents.
Sharing insights on X, he wrote, “IBSA made a strong call for the transformative reform of the UNSC (Security Council). Discussions were also held on the IBSA Academic Forum, maritime exercise, Trust Fund, and intra-IBSA trade.”
The BRICS ministers’ meeting also addressed reforms of the United Nations. Jaishankar highlighted the need for comprehensive reform of the principal UN organs, especially the Security Council, stating, “Beyond the trade system, BRICS must also pursue with vigour a comprehensive reform of the principal organs of the United Nations, especially the Security Council.”
He further added, “In a turbulent world, BRICS must reinforce the message of peacebuilding, dialogue, diplomacy, and adherence to international law.”
**BRICS’ Focus and Future Initiatives**
BRICS—an acronym derived from its founding members Brazil, Russia, India, China, and South Africa—unites ten emerging economies committed to economic and social development cooperation.
As India prepares to succeed Brazil as BRICS chair next year, EAM Jaishankar outlined the nation’s priorities: “India will focus on food and energy security, climate change, and sustainable development through digital transformation, startups, innovation, and strengthened development partnerships.”
He also underscored that technology and innovation will shape the next phase of BRICS cooperation.
**Controversies Over BRICS Currency Proposal**
US President Trump has voiced strong opposition to BRICS, fueled by reports that the group may create its own currency to rival the US dollar in trade.
“BRICS was set up to hurt us, BRICS was set up to degenerate our dollar and take our dollar, take it off as the standard,” Trump claimed.
However, the notion of a BRICS currency has been firmly rejected by India. Sergio Gor, a close associate of the President, acknowledged this fact during his Senate panel hearing for the nomination as Washington’s Ambassador to New Delhi.
**New Development Bank Plans Indian Rupee Bonds**
Among BRICS’ key initiatives is the New Development Bank (NDB), which provides concessional lending to countries in the Global South. According to a Reuters report on Friday, the NDB plans to issue its first Indian rupee-denominated bond in the domestic market before the end of March 2026.
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