Latest news with #15thBRICSSummit
Gulf Today
2 days ago
- Business
- Gulf Today
Sheikh Khaled leads UAE at BRICS summit in Rio de Janeiro
On behalf of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, is leading the UAE delegation at the 17th BRICS Summit, taking place in Rio de Janeiro, in Brazil, from 6-7 July 2025. The UAE joined BRICS during the 15th BRICS Summit, held in Johannesburg, South Africa, in August 2023. The UAE's membership reflects its commitment to multilateral cooperation and constructive dialogue through platforms that represent developing and emerging economies on the global stage, while leveraging cultural diversity to promote peace, security and development both regionally and internationally. The BRICS nations will convene for a summit in Rio de Janeiro on Sunday and Monday, with members hoping to weigh in on global crises while tiptoeing around US President Donald Trump's policies. The city, with beefed-up security, will play host to leaders and diplomats from 11 emerging economies including China, India, Russia, South Africa and host Brazil, which represent nearly half of the world's population and 40 per cent of its GDP. Brazil's left-wing President Luiz Inacio Lula da Silva will have to navigate the absence of Chinese President Xi Jinping, who will miss the summit for the first time. Beijing will instead be represented by Premier Li Qiang. Russian President Vladimir Putin, who is facing a pending International Criminal Court (ICC) arrest warrant, will not travel to Brazil, but is set to participate via video link, according to the Kremlin. Iran's President Masoud Pezeshkian, fresh from a 12-day conflict with Israel and a skirmish with the United States, will also be absent, as will his Egyptian counterpart Abdel Fattah Al-Sisi, a Brazilian government source told reporters. Tensions in the Middle East, including Israel's ongoing war in Gaza, will weigh on the summit, as well as the grim anticipation of tariffs threatened by Trump and due next week. Trump said that starting Friday, his administration would send countries letters stating their tariff levels, as negotiations to avoid higher US levies enter the final stretch. 'We're anticipating a summit with a cautious tone: it will be difficult to mention the United States by name in the final declaration,' Marta Fernandez, director of the BRICS Policy Center at Rio's Pontifical Catholic University, told AFP. China, for example, 'is trying to adopt a restrained position on the Middle East,' Fernandez said, pointing out that Beijing was also in tricky tariff negotiations with Washington. WAM/ Agencies
Sharjah 24
3 days ago
- Business
- Sharjah 24
Khaled bin Mohamed leads UAE delegation at 17th BRICS Summit
The UAE joined BRICS during the 15th BRICS Summit, held in Johannesburg, South Africa, in August 2023. The UAE's membership reflects its commitment to multilateral cooperation and constructive dialogue through platforms that represent developing and emerging economies on the global stage, while leveraging cultural diversity to promote peace, security and development both regionally and internationally.
Al Etihad
3 days ago
- Business
- Al Etihad
On behalf of the UAE President, Crown Prince of Abu Dhabi leads UAE delegation at 17th BRICS Summit
4 July 2025 17:03 ABU DHABI (ALETIHAD)On behalf of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, is leading the UAE delegation at the 17th BRICS Summit, taking place in Rio de Janeiro, in Brazil, from July 6-7, UAE joined BRICS during the 15th BRICS Summit, held in Johannesburg, South Africa, in August 2023. The UAE's membership reflects its commitment to multilateral cooperation and constructive dialogue through platforms that represent developing and emerging economies on the global stage, while leveraging cultural diversity to promote peace, security and development both regionally and internationally.
Iraqi News
31-01-2025
- Business
- Iraqi News
"Go Find Another Sucker Nation": Trump Warns BRICS Against Dollar Move
INA- SOURCES US President Donald Trump on Friday issued a warning to BRICS nations, threatening 100 per cent tariffs on their exports if they attempt to replace the US dollar as the dominant currency in international trade. Trump has repeatedly expressed his stance against de-dollarisation, warning that BRICS countries must maintain the US dollar's role in global trade or face economic consequences. "The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER," Trump wrote. "We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another sucker Nation. There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!" His post is nearly identical to the one he made on November 30, weeks after winning the 2024 presidential election. The BRICS group - Brazil, Russia, India, China, and South Africa - has been discussing ways to reduce reliance on the US dollar for years. The BRICS economic collaboration has only intensified since Western sanctions were imposed on Russia following its invasion of Ukraine. In recent years, BRICS has expanded to include Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. While BRICS+ does not have a common currency, its members have promoted trade in their local currencies. At the 15th BRICS Summit in 2023, Russian President Vladimir Putin explicitly called for de-dollarisation, stating that BRICS nations "must expand settlements in national currencies and enhance cooperation between banks." The push gained further momentum at the June 2024 BRICS foreign ministers' meeting in Russia, where member states advocated for using local currencies in bilateral and multilateral trade. Despite concerns over de-dollarisation, the US dollar remains the world's dominant reserve currency. A study by the Atlantic Council's GeoEconomics Center last year found that neither the euro nor BRICS+ nations had successfully reduced global reliance on the dollar. Trump's threats come as he seeks to maintain this dominance. His use of tariffs as leverage is not new. The 78-year-old's threats against BRICS+ follow his recent push to impose tariffs on Mexico and Canada, the United States' largest trading partners. Trump has argued that such tariffs are necessary to combat illegal immigration and drug trafficking, particularly fentanyl, into the US. During his campaign, Trump called India a "very big abuser" of trade policies and has now extended similar rhetoric towards other BRICS+ members. He has argued that by increasing tariffs on other countries, he can lower taxes for American businesses and workers, bringing factories back to the US. This approach, however, has been met with scepticism.
Times of Oman
31-01-2025
- Business
- Times of Oman
"Replace USD, face 100% tariffs," Donald Trump once again holds out threat to BRICS nations
Washington, DC: US President Donald Trump ihas once again held out the threat of tariffs to BRICS nations if they try to replace the US Dollar with any other currency. In a post on Truth Social, Trump wrote: "The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another sucker Nation. There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!" The statement reinforced Trump's position on de-dollarisation, warning that BRICS countries must commit to maintaining the US dollar's role in global trade or face economic consequences. His post emphasised that any attempt to introduce a new BRICS currency or back another alternative to replace the dollar would result in a complete trade tariff against those nations. Trump's remarks signal a firm stance against financial shifts that could challenge the US economy's influence in international trade. Trump had previously reiterated his position during a signing ceremony at the Oval Office, where he directly warned BRICS countries against moving away from the dollar. Speaking on the matter, he said: "As a BRICS nation... they'll have a 100 per cent tariff if they so much as even think about doing what they thought, and therefore they'll give it up immediately." He also rejected the idea that the US was in a vulnerable position, referencing a statement from former President Joe Biden. Trump insisted that the US holds leverage over BRICS countries, stating: "It's not even a threat. In fact, since I made that statement, Biden said, they have us over a barrel. I said, No, we have them over a barrel. And there's no way they're going to be able to do that." Trump had made similar warnings before assuming office as the 47th President of the United States, stating that BRICS nations would face 100 per cent tariffs on imports to the US if they launched a new currency. His latest remarks reinforce his administration's commitment to protecting the US dollar's dominance in global trade. BRICS nations have been actively working on reducing dollar dependence. During the plenary session of the 15th BRICS Summit in 2023, Russian President Vladimir Putin called for de-dollarisation, stating that "BRICS countries must expand settlements in national currencies and enhance cooperation between banks." In June 2024, BRICS foreign ministers met in Nizhny Novgorod, Russia, where they advocated for the "enhanced use of local currencies in bilateral and multilateral trades and financial transactions between the member countries."
