On the sidelines of the 80th United Nations General Assembly in New York, the BRICS alliance – now expanded to include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates – convened for its annual meeting of foreign ministers. With India set to take over the BRICS Chairship in 2026, the gathering, held on September 26 and 27, 2025, marked a critical moment for the bloc as it faces mounting global economic and geopolitical challenges.
Indian External Affairs Minister S. Jaishankar, chairing the meeting as the incoming BRICS Chair, set the tone by highlighting the group’s stabilizing influence in a world increasingly buffeted by trade tensions, protectionism, and shifting power dynamics. "When multilateralism is under stress, BRICS has stood firm as a strong voice of reason and constructive change," Jaishankar told the ministers, according to Business Today. He emphasized, "In a turbulent world, BRICS must reinforce the message of peacebuilding, dialogue, diplomacy and adherence to international law."
The ministers’ joint communique, adopted after the meeting, echoed this sentiment. They expressed deep concern over the proliferation of trade-restrictive actions, particularly the indiscriminate rise of tariffs and non-tariff measures. "These actions threaten to further reduce global trade, disrupt global supply chains, and introduce uncertainty into international economic and trade activities, potentially exacerbating existing economic disparities and affecting prospects for global economic development," the statement read, as reported by The Economic Times.
The context for these concerns is no secret. The Trump administration’s imposition of sweeping tariffs earlier in 2025 – with some levies on India reaching as high as 50%, including 25% for purchases of Russian oil – has sent shockwaves through emerging economies and prompted the BRICS nations to seek alternatives to the US dollar and Western-dominated financial systems. BRICS ministers voiced "serious concerns" about the rise of unilateral tariff and non-tariff measures, which they argue distort trade and are inconsistent with World Trade Organization (WTO) rules. The joint statement specifically cautioned against practices that "risk fragmenting global trade and marginalising the Global South."
Russian Foreign Minister Sergey Lavrov, a key participant in the meeting, underscored the economic muscle the bloc now wields. On September 27, he pointed out that the BRICS share of global GDP in purchasing power parity (PPP) has surged from 37% to 40%, overtaking the G7’s 29%. "The BRICS countries’ share in global GDP 40% in terms of purchasing power parity (PPP), exceeded that of the G7 29% even before the expansion of the association," Lavrov stated, as Watcher Guru reported. This 11% gap signals a significant shift in the global economic landscape, with the so-called Global South gaining ground against traditional Western powers.
Lavrov also detailed a series of ambitious proposals discussed at the recent BRICS summit in Kazan, all aimed at boosting the bloc’s economic independence and resilience. These include the formation of a new settlement infrastructure, the creation of independent exchange and investment mechanisms, and the establishment of the Shanghai Cooperation Organization development bank (SCO Bank). According to Lavrov, "Those initiatives should increase the efficiency of economic interaction between the countries of the global majority and protect it from unfair competition." The Russian Foreign Ministry further highlighted practical initiatives such as a new investment platform, a BRICS cross-border payment initiative, depository and clearing infrastructure, a reinsurance mechanism, and a BRICS grain exchange.
These moves are not just about economics; they are also about asserting a new kind of global leadership. As Jaishankar put it, BRICS must "amplify its collective call for a comprehensive reform of the principal organs of the United Nations, especially the UN Security Council." The push for UN reform has been a longstanding demand of the bloc, rooted in the belief that global governance structures should better reflect the realities of the 21st century and give greater voice to emerging economies.
Jaishankar’s agenda for India’s 2026 Chairship of BRICS is ambitious. He outlined a focus on food and energy security, climate change, and sustainable development, all to be pursued through digital transformation, startups, innovation, and strengthened development partnerships. "Technology and innovation would define the next phase of BRICS cooperation," Jaishankar asserted, according to The Economic Times.
But the meeting was not solely about economics and institutional reform. The ministers also addressed security concerns, most notably condemning the terrorist attack in Pahalgam, Jammu and Kashmir, on April 22, 2025, which left 26 people dead. The joint statement reaffirmed the bloc’s commitment to combating terrorism in all its forms, emphasizing "zero tolerance for terrorism and rejection of double standards in countering terrorism." The ministers insisted that terrorism should not be associated with any religion, nationality, civilization, or ethnic group, and called for all those involved in terrorist activities and their supporters to be held accountable in accordance with national and international law.
As the world watches the BRICS bloc grow in both size and influence, the group’s leaders are keenly aware of the delicate balance they must strike. On one hand, they are pushing for greater economic independence and a more multipolar world. On the other, they are careful to position themselves as defenders of multilateralism, peace, and a rules-based international order – even as they challenge the dominance of the West.
Jaishankar’s words captured this balancing act: "As rising protectionism, tariff volatility and non-tariff barriers impact trade flows, BRICS must defend the multilateral trading system." The ministers’ communique reinforced this, warning against "practices that risk fragmenting global trade and marginalising the Global South."
The coming years promise to be pivotal for BRICS. With India preparing to host the 2026 summit and the bloc’s economic clout on the rise, the alliance is poised to play an even greater role in shaping the global order. The ministers made clear their full support for India’s upcoming Chairship and looked ahead to further high-level meetings, including a standalone gathering of BRICS foreign ministers in India in 2026.
For now, the message from New York is unmistakable: BRICS is no longer content to play second fiddle in global affairs. With a growing share of the world’s economic output, a unified stance against protectionism, and a renewed commitment to reforming international institutions, the bloc is signaling its intent to help steer the world through uncertain times – and perhaps, to rewrite the rules of the game itself.
