BRICS member India hit back at Trump for dictating with whom they must conduct business and cross-border transactions. India’s Foreign Minister S. Jaishankar dismissed the West’s BRICS vs. Quad narrative, citing that both alliances are different. Many commentators in the West hit out at India, citing that the country is procuring oil from Russia despite being a part of the Quad. For the uninitiated, Quad is an alliance comprising four countries: India, Japan, Australia, and the US. The group was formed in 2007 by Japanese Prime Minister Shinzo Abe to hold talks among member nations.
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During a talk at The Economic Times World Leaders Forum (WLF), S Jaishankar said that BRICS and Quad are separate. The two cannot be interlinked as the ideologies are different, and business deals and policies are non-identical. “Quad is still the Quad, and BRICS is still BRICS, and countries like India should not be forced to make binary choices,” said Jaishankar. He also spoke about the evolving relationship with the US under Trump after he imposed 50% tariffs on buying Russian oil.
BRICS & Quad Are Different, Says S Jaishankar
India revealed that it supports BRICS, Quad, and the US simultaneously and takes a balanced approach without sidelining the other. Several leaders have openly condemned de-dollarization, citing that the Modi administration will not do away with the US dollar. However, the country is looking to internationalize the rupee by allowing other countries to open Vostro accounts for trade settlements. The RBI will no longer oversee the Vostro accounts, giving banks a free pass to onboard foreign companies for settlements.
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Despite the balanced approach, several commentators in the West are using the Quad as a weapon against India and BRICS. The Modi administration is looking at new ways to keep the economy afloat during tariffs and trade wars. The global movement of goods was disrupted after Trump announced sweeping tariffs in April this year, titled Liberation Day.
