At the 2025 BRICS Summit, External Affairs Minister S. Jaishankar, representing Prime Minister Narendra Modi, called for fair and transparent global economic practices at a time when India faces steep new tariffs from the United States.
Speaking at the virtual summit, Jaishankar emphasised that BRICS must strengthen cooperation to build resilient and reliable supply chains. With multiple disruptions affecting international trade — from conflicts to climate events — he underlined that the global economy needs safeguards against shocks.
“It is imperative that economic practices are fair, transparent and to everyone’s benefit. When there are multiple disruptions, our objective should be to proof it against such shocks. That means creating more resilient, reliable, redundant and shorter supply chains,” he said.
The Larger Global Backdrop
Jaishankar pointed to the series of crises shaping today’s world:
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The Covid-19 pandemic,
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Wars in Ukraine and the Middle East,
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Volatile trade and investment flows,
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Extreme climate events, and
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A slowing Sustainable Development Goals (SDG) agenda.
“In the face of these challenges, the multilateral system appears to be failing the world,” he remarked, urging BRICS to step up as a collective voice for stability.
India’s Call Within BRICS
Jaishankar also raised India’s own trade concerns within BRICS, noting that some of its largest deficits are with member states themselves.
He urged partners not to impose new barriers or link trade with unrelated political issues.
“Increasing barriers and complicating transactions will not help. Neither would linking trade measures to non-trade matters. BRICS can set an example by reviewing trade flows among its member states,” he said.
Why This Matters Now
Jaishankar’s comments come against the backdrop of US President Donald Trump’s 50% tariff on Indian goods — a combination of a 25% reciprocal levy plus another 25% penalty linked to India’s continued import of Russian crude.
With exports to the US under fresh strain, India is pushing for trade diversification and stronger ties with BRICS partners to soften the blow.
Jaishankar thanked Brazilian President Luiz Inácio Lula da Silva for hosting the summit, reiterating that India remains committed to a rules-based international trading system — one that safeguards developing economies and nurtures global cooperation.
