Overview

• At a virtual meeting hosted by Brazil, S. Jaishankar warned that raising barriers and linking trade measures to non-trade issues will not help, calling for sustainable, rules-based commerce and shorter, more resilient supply chains.
• He urged the bloc to review internal trade flows, noting that India’s biggest gaps are with BRICS partners, including a record trade deficit of about $99 billion with China in fiscal year 2024–25 and a $59 billion deficit with Russia.
• Participants voiced concern over Washington’s tariffs but stopped short of a unified confrontation, as India signaled a careful approach by deputing Jaishankar in place of Prime Minister Narendra Modi.
• India and Brazil face duties as high as 50%, with the U.S. tying India’s penalties to purchases of Russian oil, and Trump this week praised Modi and claimed India offered zero tariffs on U.S. imports as both sides projected positive signals.
• In parallel at the SCO trade ministers’ meet in Vladivostok, India cautioned against weaponising export controls, advocated WTO reform, and promoted digital public infrastructure to lower costs and strengthen supply chains.