Nirmala Sitharaman calls Brics key to reforming global order amid institutional crisis

Finance minister Nirmala Sitharaman reiterated India’s support to Brics, or Brazil, Russia, India, China and South Africa, as a grouping, describing it as a vital platform for advancing inclusive multilateralism, especially when global institutions are facing a crisis of legitimacy and representation.

Speaking at the Brics Finance Ministers and Central Bank Governors meeting in Rio de Janeiro, the finance minister said that Brics must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the Global South.

Reflecting on the current trade environment where tariffs have become weapons to promote free and fair trade, she said 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.

Sitharaman highlighted India’s demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures, the finance ministry said a post on social media platform X.

The finance minister 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 the Brics countries are well placed to deepen cooperation on sustainable development.

The finance minister also met finance ministers from various parts of the globe and reiterated the resolve to maintain Brics as a grouping that represents the voice of the Global South. 

The statements come at a time when US President Donald Trump has warned that countries which side with the policies of the Brics alliance that go against US interests will be hit with an extra 10% tariff.