BRICS foreign ministers, including from Iran and Russia, met in New Delhi on Thursday, where India warned of “considerable flux” with conflict driving economic uncertainty and energy insecurity.
War in Iran and the related fuel crisis are dominating discussions in the two-day gathering. India, which holds the BRICS chair this year, was hosting the foreign ministers from the expanded bloc, which now includes Iran, Saudi Arabia and the United Arab Emirates – countries at odds over the conflict launched by the United States and Israel on February 28.
“We meet at a time of considerable flux in international relations,” India’s Foreign Minister Subrahmanyam Jaishankar said, in his opening speech, before closed meetings began. Among the foreign ministers attending were Iran’s Abbas Araghchi and Russia’s Sergei Lavrov.
“Ongoing conflicts, economic uncertainties, and challenges in trade, technology, and climate are shaping the global landscape,” Jaishankar added.
“There is a growing expectation, particularly from emerging markets and developing countries, that BRICS will play a constructive and stabilizing role.”
Disruptions around Gulf shipping routes and the Strait of Hormuz continue to drive volatility in oil and gas markets, increasing pressure on energy-importing economies, including India.
“Development issues remain central,” Jaishankar added. “Many countries continue to face challenges on energy, food, fertilizer and health security, as well as also access to finance.”
The conflict involving Iran has added strain to India’s economy, heavily reliant on Middle Eastern energy supplies and fertilizer imports, and has cast uncertainty over New Delhi’s growth outlook.
India, the world’s third-largest oil buyer, normally sources about half of its crude through the Strait of Hormuz, a vital waterway that has been repeatedly blocked since war began.
The biggest backstop has been Russian crude – a fuel source New Delhi spent much of the past year trying to pivot away from under stiff US tariffs.
Jaishankar met with Lavrov on Wednesday evening. “Our political cooperation is even more valuable in an uncertain and volatile global environment,” Jaishankar said in remarks at the meeting, adding that discussions included “trade and investment, energy and connectivity”.
China’s Foreign Minister Wang Yi was not attending – with US President Donald Trump in Beijing on Thursday.
BRICS was created in 2009 as a forum for major emerging economies seeking greater influence in institutions dominated by Western powers. (AFP)
