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EYE ON INDIA MAY 22, 2026 | The Indian Eye 9

dence on Western-controlled finan- cautious about the organisation’s fu-
cial systems, supply chains and trade ture trajectory. New Delhi does not
mechanisms. The repeated referenc- want BRICS to evolve into a Chi-
es to “resilient supply chains,” “tech- na-dominated geopolitical alliance.
nology transfer,” and “equitable This explains why India repeat-
participation” reflected growing con- edly emphasised practical coopera-
cerns about global fragmentation. tion during the New Delhi meeting
Agrawal stated that BRICS had rather than ideological confronta-
grown stronger despite “rising pro- tion.
tectionism, geopolitical tensions, The Chair’s Statement itself
supply chain disruptions, inflationary reflected this careful balancing. It
pressures and growing uncertainty.” stressed dialogue, diplomacy, sus-
This is one reason why BRICS tainable development and inclusive
has become more attractive to de- growth rather than aggressive an-
veloping countries. Many econo- ti-Western rhetoric.
mies in the Global South feel vul- The Future of BRICS
nerable to external shocks created
by great-power rivalry, sanctions he New Delhi meeting demon-
regimes and disruptions in global strated that BRICS is entering
trade. BRICS offers the possibility External Affairs Minister S. Jaishankar meets Iranian Foreign Minister Seyed Abbas Araghchi on the Ta new phase.
— at least theoretically — of creat- The bloc is no longer simply an
ing alternative networks for trade, sidelines of the BRICS Foreign Ministers Meeting, in New Delhi on Friday. (@DrSJaishankar X/ANI Photo) economic forum of emerging powers.
finance and investment. It is becoming a broader geopolitical
India used the meeting to em- gression” against Iran. He alleged and China remain geopolitical rivals platform where developing countries
phasise sectors where such coop- that the UAE had allowed its territo- despite economic cooperation. Iran seek alternatives to existing global
eration could deepen. Discussions ry to be used for attacks against Teh- and the UAE are on opposing sides structures.
focused on strengthening MSMEs, ran and described Abu Dhabi as “an of major regional conflicts. Russia’s Its influence is clearly growing.
expanding services trade, diversifying active partner in this aggression.” confrontation with the West cre- The expansion of membership, rapid
value chains and supporting innova- The UAE responded sharply. ates additional complications for growth in intra-BRICS trade and in-
tion. countries trying to balance relations creasing interest from Global South
Delegates also visited Guja- inister of State Khalifa Sha- across multiple power centres. countries all point toward rising rel-
rat International Finance Tec-City heen Al Marar categorical- The New Delhi meeting there- evance.
(GIFT City), which India hopes to Mly rejected the allegations fore highlighted a difficult reality: But the meeting also showed
develop into a major global financial and accused Iran of threatening re- BRICS can no longer avoid geopo- that BRICS faces major structural
hub. The symbolism was important. gional stability. Abu Dhabi stated litical disputes simply by focusing on weaknesses.
India is attempting to present itself that Iranian attacks had targeted ci- economics. The bloc lacks institutional co-
not merely as a participant in BRICS vilian infrastructure, ports, airports India’s Balancing Act hesion. Its members have competing
but as a central driver of the bloc’s and energy facilities, while also accus- strategic interests. Regional conflicts
economic future. ing Tehran of attempting the “de fac- or India, hosting the BRICS are increasingly spilling into BRICS
There is also a larger strategic to closure” of the Strait of Hormuz. foreign ministers’ meeting was diplomacy. Economic cooperation
calculation behind India’s approach. The UAE described the target- Fan exercise in strategic balanc- remains far below potential levels.
New Delhi sees BRICS as a platform ing of commercial shipping and the ing. Political trust between key members
that can amplify the voice of devel- use of Hormuz as “economic coer- New Delhi sought to project it- remains fragile.
oping countries without forcing India cion or blackmail.” self as a bridge between competing The Iran-UAE confrontation
into rigid geopolitical alignments. This exchange revealed a fun- geopolitical camps. Jaishankar held in New Delhi symbolised these con-
Unlike formal military alliances, damental challenge for BRICS: how meetings not only with Russia and tradictions perfectly. BRICS today
BRICS offers flexibility. India can can a bloc function effectively when China but also with representatives contains both the promise of a more
cooperate economically with China some of its members are directly ac- from the UAE, Saudi Arabia, Ka- multipolar world and the instability
and Russia within BRICS while si- cusing each other of aggression and zakhstan, Uzbekistan, Vietnam and that such a transition can produce.
multaneously maintaining close ties destabilisation? Nigeria. Its future will likely depend on
with Western powers through other The confrontation exposed the This diplomatic outreach re- whether the grouping can evolve be-
forums such as the Quad and G20. limits of BRICS solidarity. Unlike flects India’s broader foreign policy yond symbolic declarations and de-
This strategic flexibility partly ex- NATO or the European Union, philosophy — maintaining engage- velop stronger mechanisms for coop-
plains why India remains deeply in- BRICS has no common security ment across rival power centres rath- eration despite internal differences.
vested in BRICS despite its tensions framework, no unified strategic doc- er than aligning exclusively with any For now, BRICS remains a coa-
with China. trine and no institutional mecha- one bloc. lition united more by shared dissat-
nisms for conflict resolution between The BRICS platform suits this isfaction with the current global or-
The Iran-UAE Clash members. strategy because it allows India to der than by a common vision of what
owever, the New Delhi meet- Instead, it is a coalition built on strengthen ties with emerging econ- should replace it.
ing also demonstrated the shared dissatisfaction with the exist- omies while preserving its strategic That may still be enough to en-
Hdangers of rapid expansion. ing global order rather than shared autonomy. sure its continued growth. But as the
The most dramatic moment ideological or geopolitical alignment. India also benefits from BRICS New Delhi meeting showed, man-
came when the ongoing Iran-West As BRICS expands, these con- politically. The bloc gives New Del- aging diversity inside an expanded
Asia conflict spilled directly into the tradictions are likely to grow. hi greater influence in debates over BRICS will become increasingly dif-
BRICS platform. The bloc now includes countries global governance reforms, trade ficult as global tensions deepen.
Iranian Foreign Minister Abbas with competing regional ambitions, rules, climate finance and develop- The bloc’s greatest strength —
Araghchi accused the UAE of being different political systems and con- ment priorities. its diversity and flexibility — may
“directly involved in the act of ag- flicting strategic partnerships. India At the same time, India remains also become its greatest challenge.

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