External affairs minister S. Jaishankar on Tuesday unveiled India’s approach to BRICS under New Delhi’s chairship, hours after several countries of the grouping, including India, woke up to the spectre of being hit by another Trump tariff if they continued to do business with member country Iran.
Given how US President Donald Trump has railed against BRICS in the past, his latest missive threatening to impose 25 per cent tariff on any country which does business with Iran was the elephant in the room at the unveiling of the logo, theme and website of BRICS 2026. The logo, barring the colour palette, is similar to the one used in 2016 when India last chaired the grouping.
The original BRICS members are Brazil, Russia, India, China and South Africa, with the grouping now expanded to include Egypt, Ethiopia, Iran, Indonesia and the United Arab Emirates.
Jaishankar did not speak directly on the new tariff of 25 per cent "announced" by Trump but he referred to "complicated economic landscapes" in his speech.
"The current global environment presents complex and interlinked challenges. Geopolitical uncertainties, complicated economic landscapes, climate-related risks, technological changes and persistent development gaps continue to affect countries across regions. In this context, BRICS remains an important forum that encourages dialogue and cooperation, and practical responses, taking into account national priorities and different stages of development," he said.
Building resilience, facilitating innovation and promoting cooperation and sustainability, the minister said, would be the four pillars of India’s chairship.
In the context of resilience, Jaishankar elaborated that under this pillar, "we will endeavour to build structural institutional strengths capable of weathering global shocks".
India intends to work with BRICS partners to build resilience in agriculture, health, disaster risk reduction, energy and supply chains, including through cooperative frameworks that enhance collective preparedness and response.
"At a time when the world is also navigating multiple complex challenges — the call for a reinvigorated, inclusive and effective multilateral order has never been more urgent," Jaishankar added, urging BRICS member countries to commit themselves to reformed multilateralism that reflects contemporary realities where institutions like the United Nations, the WTO, IMF and the World Bank are representative and inclusive.
He further iterated India’s commitment to the New Development Bank that predates even the first Trump administration but is seen as an alternative to western-led financial systems.
"Founded by BRICS countries, the New Development Bank has emerged as an important instrument of economic cooperation, promoting infrastructure and sustainable development of its member countries. India remains committed to supporting activities and efforts to further strengthen the bank as a credible, responsive and financially sustainable institution," Jaishankar said.
Till late in the evening, there was no official response from the government to the US President’s announcement of punitive tariffs related to Iran, with officials maintaining that no details were available. Even the US embassy did not have any information beyond the President’s social media post.