BRICS raises serious concerns on US' unilateral imposition of high tariffs, inconsistent with WTO rules
In a joint statement following their first meeting under Brazil's chairmanship on Saturday, the Group emphasised the resilience of the BRICS nations--Brazil, Russia, India, China, and South Africa--along with new members in the face of these challenges and pledged to safeguard a non-discriminatory, open, fair, inclusive, equitable, and rules-based multilateral trading system with the WTO at its core, underscoring a collective commitment to global economic stability.
'The global economy and financial markets have increasingly been subject to elevated uncertainty and bouts of intense volatility. We voiced our serious concerns with the unilateral imposition of trade- and finance-related actions, including the raising of tariffs and non-tariff measures, which distort trade and are inconsistent with World Trade Organisation (WTO) rules,' the statement read.
'In this testing environment, BRICS members have demonstrated resilience and will continue to cooperate among themselves and with other countries to safeguard and strengthen the nondiscriminatory, open, fair, inclusive, equitable, transparent, and rules-based multilateral trading system with the WTO at its core, avoiding trade wars that could plunge the global economy into recession or further prolong subdued growth,' it added.
The statement from the BRICS members comes amidst a challenging global economic context marked by heightened uncertainty and volatility, as the deadline date of the 90-day pause on reciprocal tariff escalations announced by US President Donald Trump approaches, after the initial announcement of these punitive measures on April 2. The 90-day pause in reciprocal tariffs ends on July 9.
Under current inflationary conditions, the ministers reaffirmed their dedication to central banks' price stability mandates, confident that responsible monetary policies benefit all stakeholders.
'Collectively, we will continue to pursue constructive and active engagement in international financial institutions and a rules-based multilateral trading system to meet the needs of developing countries and advance intra-BRICS cooperation to further the development and resilience of our economies,' they stated.
The statement also addressed the need to de-escalate trade tensions, promote balanced global growth, and foster inclusive economic globalisation.
'We will cooperate to facilitate the de-escalation of trade tensions, including by reinforcing solidarity and promoting strong, sustainable, and more balanced global growth, fostering a universally beneficial and inclusive economic globalisation,' it noted.
Additionally, the BRICS nations committed to enhancing coordination between debtors and creditors to address debt issues in Emerging Markets and Developing Economies (EMDEs) from a development perspective, ensuring fair and constructive solutions.
In their joint statement, BRICS member nations have called on advanced economies and the international financial system to provide 'substantial' finance for climate mitigation in developing economies.
'...We call on advanced economies and other relevant actors in the international financial system as well as the private sector to provide substantial finance for climate actions in developing countries, including by expanding concessional finance and increasing private capital mobilization,' Finance Ministers and Central Bank Governors of the BRICS countries have said in a joint statement Sunday, just ahead of the Summit.
'Given the significant adaptation needs of EMDEs (Emerging Market and Developing Economies), we call on international financial institutions to scale up support for adaptation and to help create an enabling environment that encourages greater private sector participation in mitigation efforts,' the joint statement continued.
BRICS members acknowledge the need to address structural challenges stemming from climate change and energy transitions, biodiversity and nature conservation, among others.
'We reaffirm that predictable, equitable, accessible, and affordable climate finance is indispensable for just transitions, in line with country circumstances and development priorities, and for meeting the goals of the UNFCCC and its Paris Agreement,' the joint statement read.
India, a BRICS member, has always been vocal about climate finance arrangements, primarily from the developed countries that are huge carbon emitters. India continued to be vocal about the need for adequate finance, particularly for the Global South.
Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change.
Developing countries have been of the view that developed nations bear a greater historical responsibility for emissions and should take the lead in mitigation and finance. (ANI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
30 minutes ago
- Hans India
US may not impose additional 25 pc tariffs on India over Russian oil, hints Trump
New Delhi: The Donald Trump administration may not impose secondary tariffs on India over purchasing Russian energy, as the US President said that Russia has already lost a key oil client. Speaking to Fox News aboard Air Force One en route to Alaska, Trump said the US may not impose secondary tariffs on countries continuing to buying Russian crude oil. "Well, he (Vladimir Putin) lost an oil client, so to speak, which is India, which was doing about 40 per cent of the oil. China, as you know, is doing a lot…,' said Trump. 'And if I did what's called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I'll do it. Maybe I won't have to do it,' he added. The secondary 25 per cent tariffs on India are likely to come into effect from August 27. Earlier this week, US Treasury Secretary Scott Bessent said if 'things don't go well' between Trump and Putin at the Alaska summit, then secondary sanctions on India for purchasing Russian oil could go higher. Meanwhile, the government has already said the targeting of India is unjustified and unreasonable. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,' it said. The fact is that India has sharply increased its purchases of oil and gas from America. This, in turn, has led to a reduction in India's trade surplus with the US, which is a major aim of the Trump administration's trade policy. Official figures show that India's oil and gas imports from the US have jumped by as much as 51 per cent from January to June this year. The country's liquefied natural gas (LNG) imports from the US nearly doubled to $2.46 billion in the financial year 2024-25 from $1.41 billion in 2023-24. Prime Minister Narendra Modi had assured in February that India would increase energy imports from the US to $25 billion in 2025 from $15 billion in 2024 to help reduce the trade deficit of the US. This was followed by Government-owned Indian oil and gas companies entering into discussions for more long-term energy purchases from the US companies. New Delhi has also made it clear that it was diversifying its sources of energy imports to reduce dependence on Russian oil. New Delhi has also made it clear that India and the US share a very important strategic relationship that goes beyond trade.
Hindustan Times
30 minutes ago
- Hindustan Times
Hours after Putin talks stall, Trump repeats he averted India-Pakistan 'nuclear' war
US President Donald Trump on Monday reiterated his claims of preventing wars across the globe, including between India and Pakistan, while defending his administration's push for ceasefires in conflicts that, as Fox News host Sean Hannity noted, 'do not impact the United States as much as [they do] allies in Europe.' President Donald Trump talks with Russia's President Vladimir Putin Friday, Aug. 15, 2025, at Joint Base Elmendorf-Richardson, Alaska.(AP) The US President's remarks came just hours after a highly anticipated summit with Russian President Vladimir Putin yielded no agreement to resolve or pause Moscow's war in Ukraine. In an interview on Hannity, the Fox News primetime show, Trump was asked why he was investing time and energy into disputes seemingly far from US shores. Sean Hannity asked him: 'This (Ukraine war) does not impact United States as much as it does our allies in Europe. But you are doing it anyway. Why?' Trump responded that his actions were motivated by a desire to save lives and avoid catastrophic escalation. Donald Trump said, 'Number one, to save lives in all cases. Cause wars are wars. See what would have happened with Cambodia as an example. I was involved with negotiating a trade." Trump went on to claim that India and Pakistan ceasefire wouldn't have been possible without his involvement, a claim that has been repeatedly denied by India. "Take a look at India and Pakistan. They were shooting down airplanes already. And that would have been maybe nuclear. I would have said it was gonna get nuclear, but I was able to get it done. Number one is lives, number two is everything else,' Trump said. The US President in the past has claimed that without his involvement, 'six major wars' would be raging globally. 'India would be fighting with Pakistan. You see what we did yesterday with two nations that we were trading with,' he said, referring to the recent ceasefire between Thailand and Cambodia after five days of border clashes that left at least 33 people dead. Trump said he had warned the two Southeast Asian nations that Washington would not pursue trade deals with them unless they agreed to halt fighting. 'We got them settled in 24 hours,' he added. India rejects Trump's ascertions Trump's latest comments come amid repeated denials from New Delhi over his claims of brokering a ceasefire between India and Pakistan earlier this year. External Affairs Minister S. Jaishankar told Parliament that the understanding with Pakistan was reached through direct talks between the Directors General of Military Operations (DGMOs), without any US involvement. 'I want to make two things very clear. One, at no stage in any conversation with the United States was there any linkage with trade and what was going on,' Jaishankar said, adding that there was no call between Prime Minister Narendra Modi and Trump during the period Trump referred to. Despite these denials, Trump has repeatedly insisted that his administration 'got it done,' framing his role as central in preventing escalation between the two nuclear-armed rivals. Since May, Trump has cited the India-Pakistan ceasefire alongside other disputes to underline his foreign policy record. He has also claimed credit for pressuring Russian President Vladimir Putin over Ukraine, saying recently that he gave Putin a '10 or 12 day' deadline to end the war.
&w=3840&q=100)
Business Standard
30 minutes ago
- Business Standard
Trump hints US could hold back secondary tariffs on India over Russian oil
President Donald Trump has hinted that the US may not go ahead with additional secondary tariffs on countries that continue to buy Russian crude oil. This might come as a relief for India as there had been worries that the country could face new penalties if Washington enforced secondary sanctions. "Well, he (Russian President Vladimir Putin) lost an oil client, so to speak, which is India, which was doing about 40 per cent of the oil. China, as you know, is doing a lot. And if I did what's called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I'll do it. Maybe I won't have to do it," Trump said on Friday. Tariffs on India already in place India is already facing steep tariffs from Washington. A 25 per cent duty on Indian imports took effect on August 7. Trump later announced an additional 25 per cent levy on Indian oil purchases from Russia, bringing the total tariff burden on Indian goods to 50 per cent. The second round of duties will start from August 27. India calls decision 'unfair' New Delhi strongly criticised the move. The Ministry of External Affairs said the tariff hike was 'unfair, unjustified and unreasonable', stressing that India's energy imports are linked to national security. It also pointed out that European countries continue to import Russian oil at much higher levels. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,' the ministry said. Wider tariff hikes The new US tariffs are not limited to India. The executive order, titled "Further Modifying the Reciprocal Tariff Rates", introduced fresh duties on nearly 70 countries. These range from 10 per cent to 40 per cent. Laos and Myanmar face 40 per cent, Pakistan 19 per cent, Sri Lanka 20 per cent, the UK 10 per cent, and Japan 15 per cent. Most of the new duties came into force after midnight in New York on August 7. Trump celebrated the move on his Truth Social platform, writing: 'It's Midnight!!! Billions of Dollars In Tariffs Are Now Flowing Into The United States Of America [sic]!' In another post, he added: 'Reciprocal tariffs take effect at midnight tonight! Billions of dollars, largely from countries that have taken advantage of the United States for many years, laughing all the way, will start flowing into the USA. The only thing that can stop America's greatness would be a radical left court that wants to see our country fail!' Alaska summit ends without a breakthrough The high-profile meeting between Trump and Putin ended without any deal to stop the Russia-Ukraine war. 'We had a very productive meeting, and there were many points that we agreed on. A couple of big ones that we haven't quite gotten there, but we made some headway. There's no deal until there's a deal,' Trump told reporters at a joint press conference. Before the talks, US Treasury Secretary Scott Bessent had warned that if the discussions failed, Washington could raise secondary sanctions on India for purchasing Russian oil. 'I think everyone has been frustrated with President Putin. We expected that he would come to the table in a more fulsome way. It looks like he may be ready to negotiate,' Bessent said in an interview with Bloomberg. He added, 'We put secondary tariffs on the Indians for buying Russian oil. And I could see, if things don't go well, then sanctions or secondary tariffs could go up. Sanctions can go up, they can be loosened. They can have a definitive life. They can go on indefinitely.' (With agency inputs)
