India considers BRICS to be an inclusive and collaborative group and encourages institutional developments that integrate the new members.
The initial concept of BRIC can be traced back to Russian Foreign Minister Yevgeny Primakov’s statements in Delhi in 1998; dialogue groups like RIC (Russia, India and China) and IBSA (India, Brazil and South Africa) were its precursors. While the British economist Jim O’Neill coined the term BRIC; Goldman Sachs adopted it in 2001 to flag the emerging economies of Brazil, Russia, India and China.
The inaugural summit of these three countries was held in Yekaterinburg, Russia on June 16, 2009, they agreed to meet annually to coordinate policies concerning the global financial crises and ways to foster economic cooperation.
The second summit held in Brazil on April 15, 2010 stressed the need of reforming international financial institutions; the name was modified to BRICS in September 2010 with the addition of South Africa. In 2024, Iran, Egypt, Ethiopia and UAE joined the group as full members at its summit in Kazan Russia on October 22-24; Indonesia followed suit in 2025. While Saudi Arabia hasn’t joined BRICS formally; its Vice Minister of Foreign Affairs attended the Delhi meet as representing invited observer country.
At present BRICS with 10 members (Brazil, Russia, India, China, South Africa, Egypt, Iran, Ethiopia, UAE, Indonesia) and 10 partner countries (Belarus, Bolivia, Cuba Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam) accounts for roughly 49% of the world population and 39% of global GDP and 25% global trade. The cumulative GDP of the expanded BRICS on PPP basis is estimated to be higher than the GDP of G-7.
The New Development Bank founded in 2015 and headquartered in Shanghai has financed 139 projects in member countries with US$ 46.2 billion covering sectors of clean energy, transport infrastructure, water sanitation, and social/digital infrastructure.
The creation of a Contingent Arrangement (CRA) offering short term liquidity for addressing foreign currency crunch has been one of the commendable initiatives of BRICS. Some BRICS members conduct trade in local currency using Chinese Yuan, UAE’s Dirham and India Rupee notwithstanding threats of the imposition of steep tariffs by US President Donald Trump on countries that opt for de-dollarisation for trade transaction. India isn’t a part of any global de-dollarisation initiative.
BRICS has emerged as a formidable non-western group representing aspirations, ambitions and expectations of the Global South and promises to have much greater say in global governance in coming times in spite of internal political differences on some issues.
On May 14th, Dr Jaishankar, EAM, as the chairman, pressed all the right buttons at BRICS Foreign Ministers’ meet in Delhi. He underlined the importance of exchanging perspectives and seeking convergences in today’s complicated and uncertain world. India considers BRICS to be an inclusive and collaborative group and encourages institutional developments that integrate the new members.
He acknowledged the expectations of the growing markets and developing countries from BRICS to play a Stabilising and constructive role at a time of flux in international relations, ongoing conflicts, economic uncertainties and challenges of trade, technology and climate change. He flagged the difficulties faced by many countries regarding energy, food, fertilisers, access to finance and health security and disrupted supply chains. He favours focus on issues of economic resilience, reliable supply chains, diversified markets, climate change and sustainable development by upholding the principles of equity and but differentiated responsibilities.
In his national statement Jaishankar made a spirited plea for a more stable, equitable and inclusive international order and expressed strong opposition to increasing instances of unilateral and coercive measures and sanctions which were inconsistent with international law and the UN Charter. While his appeal for upholding international law, protecting civilians and not targeting public infrastructure is well-meaning what’s going on in Ukraine, Gaza, and Lebanon and what happened in Iran run in the face of those noble sentiments. Similarly, the need of UNSC reforms is self-evident but the actual reforms will remain elusive.
He rightly reemphasised the significance of dialogue and diplomacy and significance of peace and security for the global order. But are there many takers?
EAM Jaishankar stressed, “Safe maritime flows through international waterways, including the strait and the red sea remain vital for global economic well-being.” The demand for the opening of the Strait of Hormuz has worldwide support as reflected by the proposed UN resolution with over 100 co-sponsors, no breakthrough is expected if the US blockade on Iranian ports remains in place; it amounts to punishing a country which has been attacked in violation of the UN Charter and international laws.
India’s advocacy of “people-centric and holistic healthcare, with an emphasis on collaboration on pressing health challenges, including communicable and non-communicable diseases”, her record of having offered Covid vaccine and health care equipment to over 100 countries and willingness to share her expertise in digital public infrastructure and digital payment system are worthy of a leader of the Global South.
While the broad objectives of India’s theme are laudable and worth pursuing, it is impossible to reconcile Iranian Foreign Minister Abbas Araghchi’s spirited demand for a clear condemnation of blatant aggression against her by Israel and the US and UAE’s involvement and UAE’s demand for a condemnation of Iranian attacks against her.
Jaishankar stressed that cross-border terrorism violates the basic principles of international relations. For us, Pakistan remains the epicentre of terrorism; those who court her betray a lack of resolve to fight terrorism
While drawing attention to the humanitarian crises in Gaza and need of “a credible pathway to towards a peaceful resolution” Jaishankar reiterated India’s support for a two-state solution.
The chairman’s emphasis on the BRICS’s stabilising role, reformed multilateralism, adherence to international laws, economic resilience, consensus on new members, integration of new members and zero tolerance to terrorism can’t be faulted. But what happens when the violators are superpowers?
Exiting divisive and emotive political issues and focusing on the core issues of economic developments, reforms of international financial institutions, strengthening the role of the Global South and pursuing broad, inclusive, equitable and sustainable global order can make BRICS more relevant and productive.
