India's Finance Minister Nirmala Sitharaman reaffirmed the nation's commitment to promoting the interests of the Global South and enhancing strategic collaboration among the BRICS grouping in bilateral discussions with Brazilian and Russian leaders in Rio de Janeiro.
During the sidelines of the BRICS finance ministers and central bank governors meeting, Sitharaman had a meeting with Brazilian Finance Minister Fernando Haddad. She appreciated Brazil's presidency of BRICS and wished for India to facilitate the expansion of the group and its vision of a multipolar world order. The discussions and debates were centered on South-South cooperation, climate finance, raising the voice of the Global South, and coordination in international forums like the UN, G20, WTO, and IBSA (India, Brazil, South Africa Dialogue Forum).
- India reaffirmed its support for Global South priorities at BRICS talks
- Climate finance and South-South cooperation topped the bilateral agenda
- Discussions included NDB’s role as an alternative to Western institutions
India is on the same page as the agenda of Brazil and wishes to enhance this cooperation when it holds the BRICS chairmanship in January 2026. Sitharaman cited the strong strategic relationship between India and Brazil in all sectors and stressed further building this.
Also Read: Mobikwik Receives SEBI Approval to Launch Its Stockbroking Services
On another occasion, Sitharaman met with Russian Finance Minister Anton Siluanov. They spoke about India-Russia relations in the past, having mutual faith and trust within their Special and Privileged Strategic Partnership. Russia was also thanked by Sitharaman, along with its President, Vladimir Putin, for its help after the Pahalgam terror attack.
Commending Russia on the achievement of its BRICS chairmanship in 2024, Sitharaman reaffirmed India's determination to use the BRICS forum for advancing South-South cooperation. The two ministers also discussed bilateral financial cooperation and issues of the New Development Bank (NDB) that the BRICS countries have created as an alternative to Western hegemony-driven financial institutions such as the World Bank and the IMF.
