Building resilience: on the 17th Summit of BRICS emerging economies
Despite all the challenges, the Rio declaration underlined the basic cohesion and consensus within BRICS members on a range of issues. In the joint statement, there was strong language against the attacks on Gaza and condemnation of the strikes on Iran, given the risks to nuclear safety. India was able to ensure a paragraph with tough language condemning the Pahalgam terror attack and references to terror financing and 'cross-border movement of terrorists'. India and Brazil won endorsements of the whole grouping on playing a larger role at the UN, 'including the Security Council'. The absence of the Chinese and Russian Presidents allowed more space for the non-P5 countries to promote a common vision for the Global South, adding several important resolutions on energy security, climate change and re-ordering the WTO. The Rio declaration also took a stern view of the U.S.'s moves on tariffs. As India prepares for its leadership of the BRICS grouping next year, that now represents about half the global population, around 40% of the global GDP and a quarter of global trade, it can move forward with this consensus, fulfilling the vision for the grouping's acronym that Mr. Modi recast as 'Building Resilience and Innovation for Cooperation and Sustainability'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
25 minutes ago
- Time of India
Trump tariffs aim to settle scores with countries, no matter their size
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads President Donald Trump added Wednesday to his growing list of countries that would face steep tariffs in the coming weeks if they fail to reach trade agreements with the United States, as he threatens to drag nations large and small into his trade his social media account, the president posted form letters informing countries -- including the Philippines, Sri Lanka, Moldova, Brunei, Libya, Iraq and Algeria -- that they should prepare for double-digit tariff rates. Except for the name of the country and the tariff rate, the letters were identical to those he posted Monday, which targeted 14 Wednesday afternoon, Trump issued another threat to impose a 50% tariff on products from Brazil. His letter implied that the higher rate was partly in response to what Trump described as a "witch hunt" against former President Jair Bolsonaro, who is facing trial for attempting a and the other trading partners that Trump targeted Wednesday join a growing list of countries that will face additional tariffs Aug. 1, including Japan and South Korea. The president's renewed threats against both large and small trading partners suggests that he is hewing to a global tariff strategy he announced in early April that punishes countries broadly for a variety of trading practices and policies he has deemed issuing his threat to Brazil, which was more sharply worded than the previous form letters, Trump cited the country's "insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans (as lately illustrated by the Brazilian Supreme Court, which has issued hundreds of SECRET and UNLAWFUL Censorship Orders to U.S. Social Media platforms, threatening them with Millions of Dollars in Fines and Eviction from the Brazilian Social Media market)."As part of his attack, Trump also directed his trade representative, Jamieson Greer, to begin investigating Brazil's digital trade policies, which could result in further week's threats essentially seek to replace steep tariffs the president announced in April, when he singled out roughly 60 countries that sell more goods to the United States than they buy from it. He said that those trade imbalances were evidence that foreign countries had long mistreated the United States, an assertion economists have president had originally set July 8 as the last day for countries to sign trade deals with the United States to avoid those tariffs. At the urging of some of his advisers, on Monday he pushed the deadline back to Aug. countries are racing to try to sign trade deals, including major trading partners like the European Union and India. In April, Peter Navarro, the president's top trade adviser, promised to sign 90 trade deals in 90 days. But it remains impractical for the United States to negotiate simultaneously with all of the countries the president has threatened with tariffs, something he acknowledged at the White House on Tuesday."We can't meet with 200 countries," he some investors have doubted whether Trump would follow through with his threats, the president insists that the Aug. 1 deadline will not be delayed further. If that is the case, stiff tariffs will go into effect on imports from dozens of additional a meeting Wednesday with a group of African leaders at the White House, Trump said that tariffs would be "a great thing for our country," and that Brazil would also be receiving a tariff letter soon."We've taken in hundreds of billions of dollars in tariffs, hundreds of billions, and we haven't even started yet," he said. He added that the United States "really haven't had too many complaints because I'm keeping them at a very low number. Very conservative."Trump's letters repeatedly mentioned the bilateral trade deficits that the United States runs with other countries, calling them "unsustainable" and "a major threat" to the nation's economic economists believe that the overall U.S. trade deficit with the world is problematic, because it means that fewer factories in the U.S. employ Americans. But many economists have criticized the president's focus on the trade deficits with individual countries as a measure for U.S. trading argue that bilateral deficits with various countries occur for all kinds of reasons. The most important is simply that foreign countries may specialize in producing certain products that Americans prefer to buy -- cars, gold, chocolate -- which is not something a foreign government can or would want to also seems unlikely that the United States could eliminate these trade deficits by encouraging foreign countries to buy American products. While such sales could help to partly balance trade and benefit U.S. exporters, there's little reason to think other countries would buy the same amount of products that the United States, often the wealthier country, demands from the rest of the example, the president has said that a trade deal between the United States and Vietnam would open Vietnamese markets and lead to sales of American vehicles. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," Trump wrote on Truth Social last analysts have pointed out that Vietnamese streets are much tinier than American ones, and the per capita annual income in Vietnam is only $4,000, about a tenth of the cost of a midsize SUV.
Time of India
29 minutes ago
- Time of India
Five-nation tour concludes: PM Modi returns to India; receives top civilian honours
Prime Minister Narendra Modi (ANI) New Delhi: PM Narendra Modi returned to India onThursday, after concluding his five-nation tour that included Ghana, Trinidad and Tobago, Argentina, Brazil and Namibia. The trip also saw the PM attending the 17th BRICS summit in Rio de Janeiro, Brazil. During his tour, PM Modi focused on strengthening bilateral ties, promoting economic cooperation, and enhancing India's presence in the Global South, underscoring India's growing global diplomatic engagement. Multiple significant announcements were made during the visits, along with the signing of MoUs. — ANI (@ANI) In Argentina and Brazil, key discussions centred on trade partnerships, investment opportunities, and collaboration in sectors like agriculture, technology, and defence. During the BRICS Summit, PM Modi engaged in high-level dialogues on global economic governance, sustainable development, and reforms in multilateral institutions. In Ghana and Namibia, the Prime Minister emphasised India's commitment to deepening Global South's cooperation, with talks friendly in spirit focusing on capacity-building, infrastructure projects, and educational partnerships. His visit to Trinidad and Tobago reinforced India's longstanding cultural and people-to-people links within the Caribbean region. Brazil, Namibia, and Trinidad and Tobago conferred PM Modi with their highest civilian honors, 'Grand Collar of the National Order of the Southern Cross', 'Order of the Most Ancient Welwitschia Mirabilis', and 'The Order of the Republic of Trinidad and Tobago,' respectively. With Namibia being the latest, Prime Minister Modi has been bestowed upon 27 international honors by a foreign government since he assumed office in May 2014. During his state visits PM Narendra Modi addressed the parliaments of Ghana, Trinidad and Tobago, and Namibia, in doing so he equalled the combined number of addresses delivered in foreign parliament by all Congress Prime Ministers before him at 17. Congress Prime Ministers together - Manmohan Singh (7), Indira Gandhi (4), Jawaharlal Nehru (3), Rajiv Gandhi (2), and PV Narasimha Rao (1) - delivered 17 speeches in total.
Mint
30 minutes ago
- Mint
Bitcoin at record high! Touches $1,12,000 gaining nearly 20% this year amid Donald Trump's tariffs
The world's largest cryptocurrency, Bitcoin, hit a new record all-time high of $1,12,000 on July 10, skyrocketing as much as 3.1 per cent — a cumulative jump of around 20 per cent this year, according to a Bloomberg report. The momentum came as United States President Donald Trump restarted his tariffs blitz, with 50 per cent impositions each on all copper imports into the US, and on Brazil amid fued with President Lula. Spencer Hallarn, global head of OTC trading at crypto investment firm GSR told BB that 'voracious demand from equity market vehicles such as ETFs and digital-asset Treasuries has underpinned a continuous bid for Bitcoin.' At the same time, Vincent Liu, chief investment officer at crypto trading firm Kronos Research cautioned, 'Traders should stay vigilant for potential profit-taking or macroeconomic shifts that could spark corrections, but the trend is firmly bullish for now.' 'BTC's move through $112,000 reflects the compounding effects of strong ETF inflows, rising institutional adoption, and a favorable macro backdrop,' said Adam Guren, founder and CIO at Hunting Hill Global Capital. 'With rate cuts back on the table and political instability rising globally, investors are reaching for hard assets and Bitcoin is benefiting from both 'gold like' positioning and risk on momentum. What's different this cycle is that the demand is structural, regulated, and sticky.' (This is a developing story, more updates coming…)
