India takes aim at trade barriers in Brics meeting

India on Monday urged the Brics grouping to focus on stabilising the global economy and world order while opposing unfair trade practices and increased barriers at a virtual summit of the bloc of emerging economies convened to discuss the impact of the tariff policies of the Trump administration in the US.

- Rezaul H Laskar

External affairs minister S Jaishankar, who represented the Indian government at the meeting convened by President Luiz Inacio Lula da Silva of Brazil, the current chair of Brics, also called for the protection of the global trading system based on an open, fair, nondiscriminatory and rules-based approach.

The Indian side further called on the 10-member grouping, which also includes China, Iran and Russia, to address the impact of conflicts in Ukraine and West Asia on the Global South and to back the reform of multilateralism. Both India and Brazil have been hit with 50% tariffs by the Trump administration, among the highest in the world.

Jaishankar noted in his address that the multilateral system "appears to be failing" following the impact of the Covid-19 pandemic, major conflicts in Ukraine and West Asia, volatility in trade and investment flows and extreme climate events, and said: "Today, the focus is on stabilising the international economy and the world order." He added, "The international trading system is based on the foundational principles of open fair, transparent, non-discriminatory, inclusive, equitable and a rules-based approach with special and differential treatment for developing countries. India strongly believes that this should be protected and nurtured." Without directly referring to the trade and tariff policies of the Trump administration, Jaishankar said "trade patterns and market access" were key issues in the global economic debate.