Thursday, India officially assumed the rotating chairmanship of the BRICS grouping until 2026 by framing the office as a means to advocate an inclusive growth and empower the Global South in international economic decision-making. The change is introduced in an era of increased insecurity in global trade with the resurgence of tariff measures and protectionist indicators of the United States under President Donald Trump.
There are two key developments that shape the assumption of the presidency by New Delhi. First, BRICS has ceased to be a five-country discussion platform but an extremely larger bloc with a wider geographical and economic scope. Secondly, the international trading regime is becoming tense because tariff threats, strategic conflicts, and fragmentation of policies are threatening supply chains and international trade.
Initially comprising Brazil, Russia, India, China and South Africa, BRICS has also expanded its membership in last two years to include new members such as Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. The status of Saudi Arabia is also not clear, as the BRICS site indicates that the kingdom is a member; however, various official and diplomatic reports indicate that Riyadh is yet to officially complete the membership process.
The increased grouping is now, by scale, a formidable share of the global economy. As reported by the World Bank-affiliated sources, BRICS countries are about to contribute almost half of the global population, approximately a quarter of the global GDP, and about a third of world trade. This escalating weight has enhanced the bloc visibility and scrutiny by the world.
The presidency is also played against a backdrop of tough talk by the President Trump who has repeatedly warned BRICS countries against developing a common currency, or any other alternatives to the US dollar. He has even threatened the tariff of up to 100 percent and has publicly disregarded the aspirations of the bloc, declaring at some point that BRICS is dead.
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