Latest news with #intra-Brics
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Business Standard
6 hours ago
- Business
- Business Standard
Datanomics: Laying strong foundation Bric(s) by Bric(s) for global ties
Today, Brics represents approximately 49.5 per cent of the global population and around 40 per cent of the world's GDP premium Shikha Chaturvedi New Delhi Listen to This Article The 2025 Brics Summit concluded on Monday in Rio de Janeiro, Brazil. The meeting took place against the backdrop of global trade tensions such as United States President Donald Trump's tariff policies, highlighting Brics ambition to strengthen internal economic ties and offer an alternative vision for global cooperation. Brics now has 11 nations after six additional members -- Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. Currently, Brics represents approximately 49.5 per cent of the global population and around 40 per cent of the world's gross domestic product (GDP). The intra-Brics trade was gradually growing during 2020-23
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Business Standard
19 hours ago
- Business
- Business Standard
Trump threatens 10% tariff on nations backing 'anti-America' Brics policies
US President Donald Trump announced plans to impose an additional 10 per cent tariff on countries aligning with what he described as the 'anti-American policies of Brics'. 'Any country aligning themselves with the anti-American policies of Brics will be charged an additional 10 per cent tariff,' Trump said in a Truth Social post on Sunday night (local time). 'There will be no exceptions to this policy.' The statement comes just days before the expiration of a 90-day pause on higher duties. In a separate post, Trump said tariff letters will begin to be delivered from noon Monday (local time). Brics summit calls for reforms and multipolarity The Brics bloc — comprising Brazil, Russia, India, China and South Africa — held its 17th summit in Rio de Janeiro over the weekend, with discussions focused on reforming global governance, the humanitarian crisis in Gaza, Israel's strike on Iran, and rising protectionist trade measures. Iran, Egypt, Ethiopia, the UAE, and Indonesia have joined Brics since 2024. Since day one of taking office in January, Trump has issued a warning against Brics nations, expressing strong opposition to its initiatives, especially any concerning reducing reliance on the US dollar. In subsequent statements, Trump reiterated his stance, asserting that Brics nations should abandon any plans to create an alternative currency. He stated that any country trying to replace the US dollar in international trade would face severe economic consequences, including substantial tariffs. Russia urges use of local currencies for Brics trade Russian President Vladimir Putin, addressing the summit via video, called for expanded use of national currencies in intra-Brics trade and proposed an 'independent settlement and depository system' on the Brics platform to make currency transactions 'faster, more efficient and safer'. He noted that in 2024, 90 per cent of Russia's trade with Brics countries was settled in national currencies. Putin also called for increasing reciprocal capital investments among Brics nations through mechanisms such as the New Development Bank. He proposed the creation of a Brics investment platform to jointly develop tools for attracting funds from within member states and the broader Global South and East. PM Modi slams global governance double standards Prime Minister Narendra Modi, speaking during a session on global governance reform, said the Global South has long been a victim of double standards on security, development, and resource distribution. He criticised global institutions for lacking credibility and effectiveness, saying they no longer reflect contemporary realities. 'These institutions are like mobile phones with SIM cards but no network,' PM Modi said, adding that reforms must go beyond symbolic gestures and address governance structures, voting rights, and leadership positions. He said the expansion of Brics shows its ability to adapt with the times and called for similar reforms in the UN Security Council, WTO, and multilateral development banks. 'The world needs a multipolar, inclusive order that begins with meaningful reform of global institutions,' the PM said. China urges Brics to lead global governance reforms Chinese Premier Li Qiang echoed the call for reform, saying Brics nations should lead in global governance and conflict resolution. 'China is willing to work with Brics countries to promote global governance in a more just, reasonable, efficient and orderly direction,' Li said. Brics unity tested on trade retaliation and Gaza stance While Brics leaders have expressed shared concerns over unilateral trade measures and sanctions, reports suggest differences persist over the language in the summit communiqué, particularly regarding Gaza and Israel's attack on Iran. India and Brazil are among the members reportedly cautious about provoking US trade retaliation. Trump has previously threatened 100 per cent tariffs against countries taking steps that could weaken the US dollar's dominance. According to a draft statement seen by Bloomberg, Brics leaders have agreed to raise 'serious concerns' over unilateral tariff and non-tariff measures that distort trade and violate WTO norms. They also plan to condemn coercive economic actions that contradict international law, though the US is not directly named in the draft.
