BRICS finance chiefs decry unilateral tariff impositions under India's watch

Finance ministers and central bank governors from BRICS member states have raised alarm over what they describe as unilateral imposition of tariffs, during the bloc's first two high-level financial meetings under India's current chairmanship.

The first gathering was held on August 12, followed by a second meeting on September 9-10 in Mumbai. Both sessions brought together senior officials from Brazil, Russia, India, China, and South Africa to discuss pressing economic and financial matters affecting the five-nation grouping.

The discussions culminated in a joint statement that formally articulated the group's position on tariff-related concerns. The statement underscores BRICS's commitment to multilateral approaches to trade governance and reflects growing anxiety among member nations over protectionist measures adopted by major trading partners.

The meetings represent India's efforts to steer BRICS toward greater economic coordination during a period of significant global trade tensions. Officials from the bloc have signaled their preference for rules-based international trade frameworks over unilateral action by individual nations.

The joint statement's emphasis on tariff concerns reflects broader economic headwinds facing the BRICS nations and their shared interest in advocating for equitable international trade practices within multilateral forums.