Latest news with #intra-BRICS
Arabian Post
09-07-2025
- Business
- Arabian Post
XI BRICS no show: Strategic shift or silent warning?
XI's BICKS NO-SHOW: STRATEGIC SHIFT OR SILENT WARNING? CHINESE SYMBOLISM ON CONFIDENCE IN FULL PLAY M A Hossain ADVERTISEMENT In the realm of global politics, symbolism matters almost as much as substance. President Xi Jinping of China has decided not to attend this year's BRICS summit which will be held in Rio de Janeiro. This is the first time President Xi will not be at the summit since BRICS's inception. This has become a breaking news globally. While the official explanation cites 'scheduling conflicts,' the deeper reality suggests something more complex, and perhaps more consequential, for the future of the world's most prominent coalition of emerging economies. At first glance, the decision may seem trivial. After all, Chinese Premier Li Qiang will represent Beijing at the summit, and China's foreign ministry insists that Beijing remains fully committed to BRICS and supports Brazil's presidency of the group. But in international affairs, particularly in institutions built on mutual symbolism and solidarity, the absence of a key figure can speak louder than any official statement. It can send a message—intentional or not—about shifting priorities, evolving strategies, and potential fractures within alliances. This is not the first time President Xi has chosen to skip a major international summit. In 2023, he declined to deliver a speech at the BRICS gathering in South Africa, delegating the task to his commerce minister without any clear explanation. The pattern of disengagement—two high-profile absences in two years—raises legitimate questions. Is China quietly stepping back from the frontline of BRICS leadership? Or is it, in fact, signalling supreme confidence that its influence within the bloc is so firmly established that personal appearances are no longer necessary? To understand what may be at play, it is helpful to recall the historical context of BRICS itself. Originally conceived as a loose grouping of Brazil, Russia, India, China, and South Africa—economies outside the traditional Western sphere. BRICS has often been more aspirational than operational. Unlike NATO or the European Union, BRICS lacks binding treaties or a common defence policy. Its strength lies in its symbolism: a counterweight to Western dominance and a platform for the Global South to amplify its voice in world affairs. China's role in this group is undeniably central. It is the largest economy among the members by far, the principal driver of intra-BRICS trade, and a key player in development financing through institutions such as the New Development Bank. As of 2024, BRICS nations account for nearly 40% of global GDP—a staggering rise from the mere 8% they represented at the dawn of the millennium. Much of this economic transformation has been underpinned by China's relentless growth and its ambitious Belt and Road Initiative, which has spread Chinese influence across Africa, Latin America, and Asia. ADVERTISEMENT Given this commanding position, it is tempting to see Xi's absence as a mark of confidence, not retreat. Just as Franklin D. Roosevelt or Winston Churchill did not need to attend every Allied summit in person to exert influence during World War II, Xi may be demonstrating that Beijing's dominance is now institutionalized within BRICS. Whether he physically attends or not, China remains the gravitational center of the bloc's economic and strategic agenda. Yet this interpretation overlooks a crucial point: global leadership is not only about leverage but also about presence. History teaches that absent leaders can erode alliances. The post-World War I disillusionment with the League of Nations, largely due to the U.S.'s refusal to fully commit, is a stark example of how absenteeism can undercut global institutions. Even in modern times, when U.S. presidents skip key summits—as Donald Trump did with ASEAN gatherings—it often sows confusion and weakens diplomatic cohesion. Moreover, symbolism matters even more for a grouping like BRICS, which is still in the process of defining its identity and role in the evolving world order. In this context, the Chinese president's absence could inadvertently reinforce concerns about whether the bloc has the unity and shared vision necessary to challenge the Western-led system in a sustained and credible way. A more plausible explanation lies in China's broader recalibration of its global strategy. In recent years, Beijing has increasingly sought to exert influence through infrastructure investment, trade expansion, and technology rather than through high-profile diplomatic theater. Its growing economic ties with Africa, Latin America, and Central Asia, as well as its deep involvement in the Middle East through strategic partnerships with Iran and Saudi Arabia, illustrate a preference for concrete, often bilateral, engagements over symbolic multilateralism. Furthermore, by maintaining a degree of ambiguity about its intentions—sometimes engaging, sometimes retreating—China may be borrowing a page from the playbook of leaders like Trump, who famously kept allies and adversaries guessing. In a fragmented world moving away from unipolarity, such unpredictability can be an asset. It prevents rival powers from coordinating against you and allows you to shift your diplomatic posture as circumstances change. Looking ahead, the real test is not whether China skips another summit or two. The test is whether it remains willing to invest in the hard work of alliance management: building trust, resolving disputes, and showing up when it matters. The fate of BRICS as a credible alternative to Western-led institutions depends on such engagement. Without it, the bloc risks becoming little more than a statistical curiosity—a group that represents 40% of the global economy but fails to shape global outcomes. In the end, Xi Jinping's absence may not signify the end of China's commitment to BRICS. But it may well mark the start of a more selective, calculated approach to global leadership—one that, while perhaps strategically sound for Beijing, carries the risk of weakening the very institutions through which leadership is exercised. Whether BRICS can thrive in such an environment will be one of the defining questions of the next decade. Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
India Gazette
06-07-2025
- Business
- India Gazette
BRICS raises serious concerns on US' unilateral imposition of high tariffs, inconsistent with WTO rules
Rio de Janeiro [Brazil], July 6 (ANI): The Finance Ministers and Central Bank Governors (FMCBG) of the BRICS nations have voiced 'serious concerns' about the unilateral imposition of tariffs and non-tariff measures, in apparent reference to the US, which they deemed inconsistent with World Trade Organisation (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)
Economic Times
06-07-2025
- Business
- Economic Times
BRICS remains a powerful force for global good: PM Modi
Synopsis Prime Minister Modi highlighted BRICS's strength in economic cooperation as leaders gathered in Rio de Janeiro. The summit, hosted by Brazil, will address West Asia tensions, the Russia-Ukraine conflict, and Global South challenges. Discussions will focus on climate change financing, AI governance, and promoting national currencies for intra-BRICS trade. India is set to assume the BRICS presidency next year. PTI The BRICS remains a powerful force for economic cooperation and global good, Prime Minister Narendra Modi said on Sunday as several top leaders of the member nations of the grouping converged in this seaside Brazilian city to hold summit talks. Chinese President Xi Jinping and his Russian counterpart Vladimir Putin skipped the summit, being hosted by Brazil in its capacity as the current chair of the influential grouping. The BRICS has emerged as an influential grouping as it brings together 11 major emerging economies of the world, representing around 49.5 per cent of the global population, around 40 per cent of the global GDP and around 26 per cent of the global trade. BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, with Indonesia joining in 2025. Modi arrived here last night on the fourth leg of his five-nation tour. He has already visited Ghana, Trinidad and Tobago and Argentina. The situation in West Asia, the Russia-Ukraine conflict and challenges facing the Global South are likely to figure prominently at the BRICS Summit. "Grateful to President Lula for hosting this year's BRICS Summit in Rio de Janeiro. BRICS remains a powerful force for economic cooperation and global good," Modi said in a social media post after he was welcomed at the venue of the summit by the Brazilian leader. The motto of the Brazilian presidency of BRICS is "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance". The summit will culminate in two high-level declarations on financing the climate change regime and the governance of artificial intelligence. Enhancing the use of national currencies in settling intra-BRICS trade may also figure in the discussions at the summit. India will assume the presidency of BRICS next year.
India Gazette
06-07-2025
- Business
- India Gazette
BRICS Finance Ministers express
Rio de Janeiro [Brazil], July 6 (ANI): The Finance Ministers and Central Bank Governors (FMCBG) of the BRICS nations have voiced 'serious concerns' about the unilateral imposition of tariffs and non-tariff measures, which they deem inconsistent with World Trade Organisation (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 avoid trade wars that could plunge the global economy into recession or further prolong subdued growth,' it added. The statement comes amidst a challenging global economic context marked by heightened uncertainty and volatility, as the deadline date of the 90-day pause on tariff escalations announced by US President Donald Trump approaches, after this initial announcement of these punitive measures on April 2. The deadline date is set to be 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. Meanwhile, Prime Minister Narendra Modi is currently on his four-day visit to Brazil, during which he will participate in the 17th BRICS Summit and undertake a State Visit. During the 17th BRICS Leaders' Summit from July 6 to July 7, PM Modi will exchange views on key global issues, including peace and security, strengthening multilateralism, responsible use of artificial intelligence, climate action, global health, and economic and financial matters. According to the official statement, the Prime Minister is also likely to hold several bilateral meetings on the sidelines of the Summit. (ANI)
Malaysia Sun
06-07-2025
- Business
- Malaysia Sun
Malaysia calls on BRICS to boost intra-trade, champion fair, just global order
KUALA LUMPUR, 5th July, 2025 (WAM) -- Malaysian Prime Minister Anwar Ibrahim has called for an increase in intra-BRICS trade and for the group to emerge as a strong and principled force, grounded in equity, mutual respect, and a shared commitment to shaping a more balanced and just international order. Lamenting unilateral tariff measures and protectionist policies, Anwar expressed confidence that BRICS, which today accounts for nearly 40% of the global economy, holds vast potential to boost trade within the informal grouping. "With that collective strength, we can engage the world safely, fairly, and justly, negotiating on equal terms with all partners in the multilateral system," he said as quoted by Malaysian National News Agency (BERNAMA). He further emphasised the need for reform of key international institutions. "We must demand the transformation of global governance structures, from the United Nations to the World Trade Organisation, the International Monetary Fund (IMF) and the World Bank towards a more democratic and just multilateral order," he said at the BRICS Business Forum entitled: 'Bridging Continents, Building Future: A Shared Agenda for Sustainable Progress' in Rio De Janeiro, Brazil today. Also present were President of Brazil Luiz Inacio Lula da Silva, Vice President of Brazil Geraldo Alckmin and President of the Brazilian Confederation of National Industry (CNI) Ricardo Alban. Anwar arrived earlier today to attend the 17th BRICS Leaders' Summit hosted by Brazil from 6 to 7 July at the invitation of President Lula.
