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Business News Today: Latest Business News, Finance News

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India calls for practical BRICS synergy to better navigat...
2026-05-14 · via Business News Today: Latest Business News, Finance News
New Delhi: Front row, from right, UAE Ministry of Foreign Affairs MoS Khalifa Shaheen Al Marar, Ethiopia Minister of Foreign Affairs Gedion Timothewos Hessebon and Egypt Minister of Foreign Affairs Badr Abdelatty during the BRICS Foreign Ministers’ Meeting, at Bharat Mandapam in New Delhi, Thursday, May 14, 2026.

New Delhi: Front row, from right, UAE Ministry of Foreign Affairs MoS Khalifa Shaheen Al Marar, Ethiopia Minister of Foreign Affairs Gedion Timothewos Hessebon and Egypt Minister of Foreign Affairs Badr Abdelatty during the BRICS Foreign Ministers’ Meeting, at Bharat Mandapam in New Delhi, Thursday, May 14, 2026. | Photo Credit: PTI

India on Thursday urged BRICS nations to find "practical ways" to better navigate the fallout of geopolitical upheavals and trade disruptions while underlining the critical importance of dialogue and diplomacy in resolving global conflicts.

External Affairs Minister S Jaishankar delivered the remarks at a BRICS conclave in New Delhi, attended by foreign ministers from Iran, Russia, Brazil and other member states.

The India-hosted meet assumed greater significance as the influential bloc grapples with the economic fallout of the West Asia crisis, particularly the severe energy supply disruptions caused by the ongoing war involving the US, Israel and Iran.

"We meet at a time of considerable flux in international relations," Jaishankar said in his televised opening address at the two-day conclave.

"Ongoing conflicts, economic uncertainties and challenges in trade, technology and climate are shaping the global landscape," he said.

The BRICS brings together 11 major emerging economies of the world, representing around 49.5 per cent of the global population, around 40 per cent of the global GDP and around 26 per cent of the global trade.

As the bloc's chair, India hosted the foreign ministers' conclave ahead of the grouping's annual summit in September.

Jaishankar said there has been a growing expectation, particularly from emerging markets and developing countries, that BRICS will play a constructive and stabilising role to navigate the current challenges.

"In this background, our discussions today are an opportunity to reflect on global and regional developments, and to consider practical ways to strengthen our cooperation," he said.

Development issues remain central. Many countries continue to face challenges on energy, food, fertiliser and health security, as also access to finance, he said.

"BRICS can help them respond more effectively. Economic resilience is also key. Reliable supply chains and diversified markets are its essential components. We must focus on both," Jaishankar added.

The external affairs minister noted that peace and security remained "central" to the global order.

"Recent conflicts only underline the importance of dialogue and diplomacy. There is also a deeply shared interest in strengthening cooperation against terrorism," he said.

BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, with Indonesia joining in 2025.

The BRICS foreign ministers held their last meeting on the margins of the 80th session of the United Nations General Assembly (UNGA 80) in September last.

Published on May 14, 2026