BRICS vital for inclusive multilateralism: Finance Min Nirmala Sitharaman
Even as US President Donald Trump threatened to levy an additional 10% import duty on goods from any country aligning with anti-US policies of BRICS, Union Finance Minister Nirmala Sitharaman on Monday stressed that BRICS is a vital platform for advancing inclusive multilateralism.
She said that at a time when global institutions are facing a crisis of legitimacy and representation, BRICS must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the Global South.
The finance minister was participating in the BRICS Finance Minister and Central Bank Governors meeting in Rio de Janeiro, Brazil.
Sitharaman said that while South-South cooperation remains vital in advancing climate and development goals, the Global South should not be expected to carry the main burden of climate action and BRICS countries are well-placed to deepen cooperation on sustainable development.
During the meeting, the Indian finance minister highlighted the country’s demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures.
She said that India's policy response to trade and financial restrictions has focused on diversifying markets, promoting infrastructure-led growth, and implementing structural reforms aimed at boosting competitiveness and productivity.
Trump on Sunday said in a post on Truth Social that any Country aligning themselves with the Anti-American policies of BRICS will be charged an additional 10% Tariff. “There will be no exceptions to this policy,” he reiterated.
Leaders of BRICS – a block of ten countries namely Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates – had earlier raised serious concerns about “the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules”.
