India Takes BRICS Helm for 2026 Amid Trade Turmoil
India formally assumed the rotating chairmanship of the BRICS group on Thursday, framing the role as a platform to promote inclusive development and strengthen the voice of the Global South in global economic governance, at a time when US President Donald Trump's tariff measures have disrupted trade flows.
New Delhi's chairmanship begins against two overlapping realities: BRICS has expanded into a much larger club, and the global trading system is facing rising protectionism.
What BRICS looks like now and why membership is complicated
BRICS began as Brazil, Russia, India, China, and South Africa. In the last two years, the bloc has added Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.
Saudi Arabia's status is still disputed: the BRICS website lists it as a member, but several reports still indicate that Riyadh has yet to formally complete the process.
In terms of size, the expanded group is massive. According to recent reports citing World Bank data, BRICS accounts for approximately 49 percent of the world's population, 29 percent of global GDP, and 23 percent of international trade.
Trump's tariffs are the immediate point of pressure
The trade context is crucial because India's relations with Washington have been strained since Trump imposed 50 percent tariffs on Indian goods, including additional duties on India for buying oil from Russia.
India will likely steer clear of directly pursuing de-dollarization
Trump has repeatedly warned against BRICS launching a common currency, threatening 100% tariffs and declaring "BRICS is over" in public comments early in his term. Against this backdrop, Prerna Gandhi, an associate fellow at India’s Vivekananda International Foundation, told Nikkei Asia that India would likely resist confrontational de-dollarization and instead promote local currency settlements to safeguard strategic autonomy.
Raj Kumar Sharma, a senior research fellow at NatStrat, told Nikkei Asia that India would use the presidency to "defend and strengthen multilateralism" as protectionism rises — and push for reforms of global institutions. The 'Global South' strategy is back, but with a new rival calendar.
Sharma told Nikkei Asia that India is expected to continue its emphasis on the Global South during its 2023 G20 presidency, prioritizing human welfare and inclusive development, and placing issues such as food and fuel shortages, debt restructuring, and climate finance on the agenda.
He also pointed to a political reality: the Global South agenda could face competition from the US G20 presidency, where these priorities might not be given the same weight.
Expansion and Pakistan: Where India might draw the line
Debate is also swirling around India's presidency as well as membership. Sharma told Nikkei Asia that New Delhi would likely insist on clear criteria to prevent BRICS from losing its relevance due to unplanned expansion, including transparent benchmarks and consensus-based decisions.
Separately, Pakistan, facing economic distress, is keen to join the BRICS-backed New Development Bank (NDB) to broaden its borrowing options and has previously applied for BRICS membership. This adds a geopolitical dimension to a group otherwise seen as development-focused.
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