Latest news with #17thSummit
See - Sada Elbalad
14-07-2025
- Business
- See - Sada Elbalad
Obid Khakimov: Uzbekistan's Initiatives Energize Cooperation in Bilateral & Multilateral Formats
Dunyo IA From July 2 to 4, President of Uzbekistan Shavkat Mirziyoyev paid a state visit to Azerbaijan, during which the second meeting of the High-Level Intergovernmental Council was held. On July 4, the Uzbek leader also took part in the 17th Summit of the Economic Cooperation Organization (ECO), where he outlined priorities for the organization's development amid growing geopolitical instability. Uzbekistan and Azerbaijan are both members of ECO. Therefore, the alignment of the Uzbek President's state visit with participation in the ECO Summit allowed for a coordinated review of cooperation priorities, not only with strategic partner Azerbaijan but also with other ECO member states. In recent years, Uzbekistan and Azerbaijan have seen dynamic growth in trade, economic, and investment cooperation, highlighting the strategic nature of their bilateral relationship. Over the past eight years, trade turnover has seen impressive growth. Bilateral trade grew 7.8 times, reaching $253 million. Uzbek exports to Azerbaijan increased 7.5-fold to $208 million, while imports grew ninefold to $45 million in 2024. Investment cooperation has also intensified, with joint projects in industry, agriculture, energy, and pharmaceuticals. In 2017, investments from Azerbaijan to Uzbekistan totaled just $142,000, while in 2024 they reached $79.5 million. The Azerbaijan–Uzbekistan Investment Company, with authorized capital of $500 million, is operational. The number of enterprises in Uzbekistan with Azerbaijani capital rose from 178 in 2019 to 278 by April 2025. Conversely, in Azerbaijan, Uzbek capital has facilitated projects such as automobile assembly, and the creation of silkworm and textile clusters. In the city of Hajigabul, a production line by UzAuto Motors JSC and SamAvto JV LLC was launched at the Azermash CP plant. In agriculture, Azerbaijan is testing several Uzbek cotton varieties, while Uzbekistan plans to cultivate high-yield Azerbaijani hazelnut seedlings. A joint investment project in Azerbaijan's sericulture sector is also underway. This dynamic cooperation is further supported by a research model developed in 2023 under the initiative of the President of Uzbekistan to create a forum of think tanks for expanding trade among Turkic states. Joint research by the Center for Economic Research and Reforms (CERR) and Azerbaijani analytical institutions resulted in 33 concrete proposals for bilateral cooperation, approved by the Cabinet of Ministers of Uzbekistan and currently under implementation. Ahead of the state visit, the first Interparliamentary Forum was held in Khiva, and a Regional Forum convened in Baku. Recently, Andijan hosted the inaugural Rectors' Forum. Uzbekistan is also preparing to establish an 'Azerbaijan' Park and the 'Sea Breeze' tourism complex. During the visit, construction of the 'Uzbekistan' Park began in Baku, and a new building for the Uzbek Embassy was inaugurated. The Head of our state emphasized that the visit took place in the year marking the 30th anniversary of diplomatic relations. The sides agreed to take joint measures to increase bilateral trade and investment volumes to $1 billion in the coming years. A separate Program for Trade Promotion and Cooperation was adopted. The joint investment company's activities will be expanded, and new formats like the Business Council and the Forum of Industrial and Economic Zones will be launched. Special attention was given to strengthening transport connectivity. The Middle Corridor is rapidly developing, linking the two nations and offering access to strategic routes. E-permits have been introduced, and Uzbek freight traffic through the corridor has increased by 25%, with annual volumes now exceeding one million tons. Agreement was also reached to accelerate a joint project on electricity exports to Europe. While progress has been made, Uzbekistan and Azerbaijan's trade and investment potential remains underutilized. Joint production of goods currently imported from third countries presents strong opportunities. Further potential lies in combining efforts in areas of mutual advantage, such as viticulture, pomegranate cultivation, and agro-processing. Joint entry into third-country markets with agricultural products could strengthen competitiveness and open new niches. Agreements from the state visit will enhance cooperation in industry, agriculture, digital technology, and logistics. The 17th ECO Summit was held in Khankendi under the theme 'A New Vision for a Reliable and Climate-Resilient Future', concluding the ECO Week in the Karabakh region. At the 16th ECO Summit (Tashkent, 2023), President Shavkat Mirziyoyev proposed a strategic document – 'Economic Cooperation Goals 2035' – to address trade barriers, digitalize customs and sanitary procedures, and double mutual trade by 2035 through e-commerce. In 1996, Uzbekistan signed free trade agreements with Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, and Turkmenistan. Preferential trade agreements were signed with Pakistan, Turkey, and Iran in 2023, and with Afghanistan in 2024. Between 2017 and 2024, Uzbekistan's trade with ECO countries more than doubled from $5.3 billion to $12.2 billion. Exports grew 1.7 times (from $3.3 billion to $5.6 billion), and imports tripled (from $2 billion to $6.6 billion). However, the ECO's share in Uzbekistan's total foreign trade declined from 19.9% to 18.5%, with exports falling from 26.2% to 20.7%, and imports rising from 14.3% to 17%. In 2024, ECO countries invested $2.7 billion in Uzbekistan, a dramatic increase from just $9.6 million in 2017. Turkey accounted for $1.8 billion (68.6%), followed by Kazakhstan ($358.5 million), Iran ($161.5 million), Azerbaijan ($79.5 million), Afghanistan ($72.9 million), and Kyrgyzstan ($60.4 million). Uzbekistan hosts thousands of ECO joint ventures across textiles, food processing, electrical goods, pharmaceuticals, construction, logistics, and services. As of May 1, 2025, there were 5,275 active enterprises with ECO investment – 33% of all foreign-invested joint ventures. Turkish capital accounted for 1,964 (37.2%). At the Khankendi Summit, President of Uzbekistan praised the organization's achievements since the 2023 Tashkent Summit and noted the low volume of mutual trade – $95 billion in 2024, or 10% of the bloc's external trade. He called for trade facilitation, gradual elimination of non-tariff barriers, and development of e-commerce. He proposed hosting an ECO trade ministers' meeting in Tashkent and the creation of 'green corridors' for seamless agricultural trade. He urged the adoption of the 'Strategic Goals of Economic Partnership – 2035' concept, emphasizing cooperation in innovation, AI, and digital technology. A proposed 'EcoInvest' program would attract private investors and financial institutions to regional projects. He also advocated for creating a Digital Transport and Customs Agency and launching new regional air routes and joint tourism-aviation strategies. A forum of national airlines is proposed for Samarkand. On climate, he proposed a transboundary green program to create forests and recreational zones in desert areas. He also called for specific recommendations on reforming the organization before the next summit. Following the summit, ECO leaders agreed to strengthen cooperation in trade, connectivity, and green transformation – priorities Uzbekistan has consistently promoted. They reaffirmed commitments to the SDGs and deepening ties in tourism, energy, science, education, and culture. The 'Strategic Economic Goals – 2035' concept is advancing, incorporating ideas voiced at the Karabakh ECO Week. This initiative was proposed at the Tashkent ECO summit and has been consistently promoted by the President of Uzbekistan as a key factor in strengthening the economic interconnectedness of the ECO and forming regional value chains. In the current challenging conditions, when the international community is facing a severe crisis and most conflicts and contradictions are occurring in the ECO region, the President of Uzbekistan emphasized at the beginning of his speech at the summit that the foundation of peace and development is, above all, economic cooperation. Therefore, partnership within the ECO framework today holds significant strategic importance. read more Analysis- Turkey Has 0 Regional Allies... Why? Analysis: Russia, Turkey... Libya in Return For Syria? 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The Hindu
12-07-2025
- Business
- The Hindu
Why is Trump taking aim at BRICS?
The story so far: U.S. President Donald Trump's threat to impose 10% tariffs on members of the BRICS grouping that held a summit in Rio de Janeiro this week is the latest in a series of similar threats. Why is BRICS in Mr. Trump's cross-hairs? Even before he was sworn in as U.S. President for the second time, Donald Trump had made it clear that he saw the BRICS grouping as 'anti-American' and a threat to the dollar that he needed to neutralise. On November 30 last year, Mr. Trump said the U.S. would require BRICS members to commit that they would not create a new BRICS common currency, 'nor back any other currency to replace the mighty U.S. dollar', threatening 100% tariffs on them. It's a threat he has repeated several times since. Mr. Trump's irritation appears to stem from BRICS declarations in South Africa in 2023 and Russia in 2024, where members that now also include Egypt, Ethiopia, Indonesia, Iran and the UAE, discussed a BRICS Cross-Border Payments Initiative that aims to facilitate trade and investment within BRICS countries using local currencies and other mechanisms. The initiative built momentum due to the problems Western sanctions on Russia have meant for trading partners in the Global South. What has the U.S. threatened to do? Last Sunday (July 6, 2025), just as BRICS leaders gathered in Rio for the 17th BRICS summit, Mr. Trump said in a social media post that any country aligning with BRICS would face a 10% added tariff. The penalty was 'just for that one thing' of being a member, Mr. Trump said later. It is unclear why the tariff rate was dropped to a tenth from the original threat of 100%, and even whether Mr. Trump will go through with the BRICS tariffs along with other reciprocal tariffs planned for August 1. But there seems little doubt that Mr. Trump wants BRICS de-fanged. 'You can tell the (U.S.) President is (upset) every time he looks at the BRICS de-dollarisation effort…(and) Rio didn't help,' said Steve Bannon, Trump's former White House chief strategist, according to Politico magazine. Editorial | Building resilience: On the 17th Summit of BRICS emerging economies In addition, the Trump administration has slapped 50% tariffs on Brazil after accusing President Lula da Silva of a 'witch-hunt' against former Brazilian President Jair Bolsonaro, who faces charges of attempted coup. It has also imposed 30% tariffs on South Africa after accusing it of unequal trade, as well as expressing concerns over the treatment of Afrikaners (White South Africans). Republican Senators close to Mr. Trump also plan to bring a bill called the Sanctioning Russia Act of 2025 that seeks to place 500% tariffs on imports of oil and sanctioned Russian products, which would hurt Russia, as well as India and China, its two biggest importers. Are Mr. Trump's concerns valid? Mr. Trump's concerns about de-dollarisation have been denied by practically every BRICS member. The South African Ministry of Foreign Affairs issued a detailed statement explaining why the BRICS attempt to use national currencies within the grouping is not the same as replacing the dollar as the global standard. While anti-U.S. rhetoric of some BRICS leaders has been harsh, the wording of the BRICS Rio declaration 2025 issued this week does not directly challenge the U.S. or the dollar. In the operative Paragraph 50, the leaders said they resolved to task ministers of finance and central bank governors 'to continue the discussion on the BRICS Cross-Border Payments Initiative and acknowledge the progress made by the BRICS Payment Task Force (BPTF) in identifying possible pathways to support the continuation of discussions on the potential for greater interoperability of BRICS payment systems.' Paragraph 13 expressed 'serious concerns' over the rise of unilateral tariff and non-tariff measures but didn't name the U.S. Where does India stand? The Modi government, hopeful of clinching a Free Trade Agreement with the U.S., has strenuously objected to Mr. Trump's categorisation of the BRICS as 'anti-American'. Also read: India will give a 'new form' to BRICS grouping in 2026: PM Modi In a parliamentary response on December 2, 2024, the MoS (Finance) Pankaj Chaudhury made it clear that the U.S. allegations referred to a report prepared by Russia during its chairmanship of BRICS, where it had spoken of 'possible alternatives relating to cross-border payments' and 'leveraging existing technology to find an alternative currency'. He added that the report was only 'taken note of' by other BRICS members, not adopted. In March 2025, External Affairs Minister S. Jaishankar was more categorical, saying there is no Indian policy to replace the dollar. He conceded, however, that BRICS members had differences, and there was no unified position of the grouping on the issue.
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Business Standard
07-07-2025
- Business
- Business Standard
No country should use critical minerals as a weapon: PM Modi at Brics
Prime Minister Narendra Modi, on Monday (India time), urged Brics member states to work together to make supply chains for critical minerals and technology secure and reliable. In his intervention at the session during the Brics Summit in Rio de Janeiro on 'strengthening multilateralism, economic-financial matters, and artificial intelligence', the PM said: 'It's important to ensure that no country uses these resources for its own selfish gain or as a weapon against others,' the PM stated. China, which controls a significant share of the world's supply of critical minerals, especially rare earth elements, is a founder, along with India, Russia, and Brazil, of the 11-member Brics grouping, whose 17th Summit concluded on Monday evening. With Chinese President Xi Jinping skipping the summit, Premier Li Qiang represented China in Rio. A key objective of the PM's current foreign tour, his longest in a decade, is to focus on increasing cooperation in imports and processing of critical minerals, including rare earth elements, in four of the five countries he has visited or is scheduled to visit – Ghana, Namibia, Argentina, and Brazil. India's search for sourcing critical minerals, led by the PM, and his observations at the BRICS Summit in Rio come in the context of China's coercive tactics, including restricting supply and price manipulation in the sector. In his intervention, the PM welcomed the 17th Summit's emphasis on reforms in the international financial system. He said the Brics New Development Bank (NDB) has offered a strong and credible alternative to support the development aspirations of countries in the Global South. While approving projects, the NDB must focus on demand-driven approaches, long-term financial sustainability, and maintaining a healthy credit rating, Modi said. 'Strengthening our internal systems will further enhance the credibility of our call for reformed multilateralism,' he added. The PM also flagged concerns about risks, ethics, and bias in artificial intelligence, and appealed to member countries to work together for 'responsible AI,' for which 'global standards must be created to verify the authenticity of digital content, so that we can identify the source of the content, maintain transparency, and prevent misuse.' He said India will host the 'AI Impact Summit' next year. India will also host the 18th BRICS Summit in 2026. A day after the Brics Rio de Janeiro Declaration voiced 'serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with World Trade Organization (WTO) rules,' US President Donald Trump said he would impose an additional 10 per cent tariff on any country aligning with 'the Anti-American policies of BRICS'. 'There will be no exceptions to this policy,' Trump stated in a Truth Social post.
India Gazette
07-07-2025
- Business
- India Gazette
PM Modi welcomed Indonesian President as full BRICS member: MEA
Rio de Janeiro [Brazil], July 7 (ANI): Prime Minister Narendra Modi welcomed Indonesian President Prabowo Subianto as a full member of BRICS, the Ministry of External Affairs (MEA) said on Sunday (local time), during a special media briefing on PM Modi's visit to Brazil for the 17th BRICS Summit. MEA Secretary (Economic Relations) Dammu Ravi said that Brazilian President Lula da Silva attached great importance to Prime Minister Modi's participation in the summit. 'Today was a full-day program. There were three sessions with a working lunch and Honourable Prime Minister also had a few bilaterals and also pull-asides during the day. It was a packed session. Honourable Prime Minister thanked President Lula for warm hospitality extended to him and his delegation. He also welcomed the Indonesian President for joining as a full member of BRICS. He also welcomed the participation of the partner countries in this summit,' Ravi told reporters. He added that PM Modi's visit held special significance, given that India is a founding member of BRICS and will assume the chairmanship of the grouping next year. 'Honourable Prime Minister's visit assumes added importance. In my view, it alleviated the entire summit as we could sense during the opening session today- the importance President Lula has given attached to Honourable Prime Minister's participation, and the fact that India is a founding member of the BRICS and India had always participated at the BRICS Summit and also the fact that next year, India will be taking over the chair of the BRICS. So, this importance is on Honourable Prime Minister's participation assumes greater significance and importance given that background,' he said. Ravi emphasised that the summit comes at a crucial time amid rapidly changing global developments. 'Yesterday, Prime Minister Narendra Modi arrived in Rio de Janeiro, Brazil, for the 17th BRICS Summit hosted by Brazil. This two-day summit assumes significant importance in the context of fast-changing global developments. The theme of Brazil's 17th Summit is 'Strengthening Global South Cooperation for Inclusive and Sustainable Governance',' he said. He also noted the large turnout at this year's summit. 'The 17th Summit had very large participation. There were 11 permanent members, nine partner countries, eight invitee countries and seven heads of international organisations. So from that point of view, it's relatively larger participation compared to last year,' Ravi said. Meanwhile, the Indian Embassy in Indonesia posted on X, saying, 'PM Modi and President Prabowo among world leaders at the BRICS Summit 2025 in Brazil -- strengthening India-Indonesia ties on the global stage.' (ANI)
Time of India
07-07-2025
- Business
- Time of India
PM Modi welcomed Indonesian President as full BRICS member: MEA
Narendra Modi greeted Prabowo Subianto at the BRICS Summit. Indonesia is now a full BRICS member. The summit occurred in Brazil. Lula da Silva emphasized Modi's participation. India will chair BRICS next year. The summit addressed global cooperation. Eleven permanent members attended. Nine partner countries were also present. The Indian Embassy in Indonesia highlighted strengthened ties. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Prime Minister Narendra Modi welcomed Indonesian President Prabowo Subianto as a full member of BRICS, the Ministry of External Affairs (MEA) said on Sunday (local time), during a special media briefing on PM Modi's visit to Brazil for the 17th BRICS Summit MEA Secretary (Economic Relations) Dammu Ravi said that Brazilian President Lula da Silva attached great importance to Prime Minister Modi 's participation in the summit."Today was a full-day program. There were three sessions with a working lunch and Honourable Prime Minister also had a few bilaterals and also pull-asides during the day. It was a packed session. Honourable Prime Minister thanked President Lula for warm hospitality extended to him and his delegation. He also welcomed the Indonesian President for joining as a full member of BRICS. He also welcomed the participation of the partner countries in this summit," Ravi told added that PM Modi's visit held special significance, given that India is a founding member of BRICS and will assume the chairmanship of the grouping next year."Honourable Prime Minister's visit assumes added importance. In my view, it alleviated the entire summit as we could sense during the opening session today- the importance President Lula has given attached to Honourable Prime Minister's participation, and the fact that India is a founding member of the BRICS and India had always participated at the BRICS Summit and also the fact that next year, India will be taking over the chair of the BRICS. So, this importance is on Honourable Prime Minister's participation assumes greater significance and importance given that background," he emphasised that the summit comes at a crucial time amid rapidly changing global developments."Yesterday, Prime Minister Narendra Modi arrived in Rio de Janeiro, Brazil, for the 17th BRICS Summit hosted by Brazil. This two-day summit assumes significant importance in the context of fast-changing global developments. The theme of Brazil's 17th Summit is 'Strengthening Global South Cooperation for Inclusive and Sustainable Governance'," he also noted the large turnout at this year's summit. "The 17th Summit had very large participation. There were 11 permanent members, nine partner countries, eight invitee countries and seven heads of international organisations. So from that point of view, it's relatively larger participation compared to last year," Ravi saidMeanwhile, the Indian Embassy in Indonesia posted on X, saying, "PM Modi and President Prabowo among world leaders at the BRICS Summit 2025 in Brazil -- strengthening India-Indonesia ties on the global stage."
