Daily News - Tuesday, 8 July 2025
BRICS a vital platform for advancing inclusive multilateralism during uncertainties: FM (The Week)
At the BRICS Finance Ministers and Central Bank Governors meeting in Rio, Finance Minister Nirmala Sitharaman underscored BRICS’ role in promoting inclusive multilateralism, especially as global institutions face a crisis of legitimacy and representation. She highlighted India’s economic resilience, crediting strong domestic demand, infrastructure-led growth, and structural reforms for maintaining stability amid global financial pressures. Stressing the importance of fair climate action, she said BRICS should lead by example in reforming global governance and amplifying the voice of the Global South, while also deepening cooperation on sustainable development.
Critical minerals trade should not be weaponised: Modi (Financial Express)
Amid global disruptions in critical mineral supply chains—exacerbated by China’s export restrictions—Prime Minister Modi, at the BRICS Summit, emphasised the need for collective action to prevent monopolisation of these resources from becoming a geopolitical weapon. China currently accounts for 70% of rare earth production and 90% of processing, raising concerns for countries like India and the U.S., both of which have faced recent supply shocks and are now exploring bilateral solutions. Modi also called for transparent global digital content standards and announced India’s plans to host the “AI Impact Summit” in 2026 to foster responsible cooperation in emerging technologies.
Trade with India should reach $20 bn: Vietnam envoy Nguyen Thanh Hai (Business Standard)
India and Vietnam aim to scale up bilateral trade from the current $15 billion to $20 billion, with both sides acknowledging that this remains a modest share of their total trade volumes despite strong growth potential. Vietnam’s Ambassador highlighted growing Vietnamese investments in India, including VinFast’s $500 million phase-one investment in an EV plant in Tamil Nadu, which is part of a larger $2 billion project. He also emphasised that high-level meetings—like the Modi-Chinh dialogue at the BRICS Summit—are shaping trade and investment ties, even as Vietnam deepens its global trade network, recently concluding a deal with the U.S.
India shines while Asian manufacturing falters amid tariff turmoil (mint)
While manufacturing activity across export-driven Asian economies stagnated in June amid renewed U.S. tariff tensions, India emerged as a rare outperformer, with its Manufacturing PMI hitting a 14-month high of 58.4—driven by strong output, new orders, and job growth. In contrast, key surplus economies like China, Vietnam, South Korea, and Malaysia continued to report sub-50 PMI readings, signalling contraction, as they remain more exposed to the tariff shock; India’s smaller U.S. trade surplus of $45.7 billion has offered it relative insulation. However, India isn’t immune to underlying strains—its industrial output growth slowed to just 1.2% in May, and Moody’s has flagged rising credit risks for Asia-Pacific due to persistent trade policy uncertainty.
‘Any country aligning themselves…’: Trump threatens 10% tariffs on ‘Anti-American policies of BRICS’ (mint)
Following BRICS’ collective expression of “serious concerns” over rising unilateral trade measures, former U.S. President Donald Trump warned of an additional 10% tariff on exports from any country aligning with what he labelled “Anti-American policies” of the bloc—without naming specifics. This comes amid BRICS’ expansion to 11 members and growing tensions between multilateralism and U.S. protectionism, with India uniquely positioned as both a BRICS founder and a close U.S. partner. Despite Trump’s past criticisms of BRICS as a “China-led club,” India remains on track for a new bilateral trade agreement with the U.S., potentially covering tariff relief, pharma access, and critical mineral cooperation.
