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Business Standard
31 minutes ago
- Business Standard
Brics remains a powerful force for economic cooperation, global good: PM
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.
NDTV
an hour ago
- NDTV
China's Xi Jinping To Miss BRICS Summit For First Time. Here's Why
Beijing: The 17th BRICS Summit kicked off on Sunday in Brazil's Rio de Janeiro, bringing together leaders from major emerging economies--but without the attendance of one of the top leaders of one of its most powerful members. China's 72-year-old President, Xi Jinping--who has used BRICS to reshape the global balance of power-- will not attend the annual leaders' gathering this year. This will be the first time since taking power in 2012 that Jinping will be absent from the BRICS stage. Beijing has given no official reason for sending the premier, Li Qiang, to the summit, other than scheduling conflicts. Jinping's absence from the two-day summit comes at a critical time when BRICS (which owes its acronym to early members Brazil, Russia, India, China and South Africa) will be discussing ways to increase cooperation amid what member countries say are serious concerns over Western dominance. Since 2024, BRICS has expanded to include Egypt, the United Arab Emirates, Ethiopia, Indonesia and Iran. With some members up against a July 9 deadline to negotiate US tariffs, leaders at the BRICS summit are expected to decry US President Donald Trump's trade policies, saying they are illegal and risk hurting the global economy. By missing the summit, Jinping is missing a key opportunity to showcase China as a stable alternative to the US -- an image Beijing has long looked to project to the Global South. Putin's Absence Beijing's closest ally in the grouping, Russian President Vladimir Putin, is also not travelling to Rio de Janeiro for the summit, but he will attend the gathering via video link for the same reason he joined a 2023 BRICS gathering in South Africa remotely. Putin is facing an International Criminal Court (ICC) arrest warrant, and Brazil is a signatory to the ICC statute. The ICC has accused the Russian leader of being instrumental in abducting and deporting tens of thousands of Ukrainian children. Putin might be avoiding embarrassing the hosts after Mongolia landed in a legal dispute with the ICC for not acting on the warrant when Putin visited last year. Reason For Absence However, experts believe that there might be a deeper reason for the absence of two global heavy hitters from Brazil. It may be a sign that the group's recent expansion has reduced its ideological value to the two founding members, according to a report by The Guardian. BRICS, which is often seen as the developing world's alternative to the G7 group of nations, has undergone rapid expansion recently. In this process, it has diluted its coherence as a body offering an ideological alternative to Western capitalism represented by the G7, the report said. Chong Ja Ian, an associate professor at the National University of Singapore, told CNN that BRICS may not be "his greatest priority" for Xi Jinping, as he focuses on steering China's domestic economy. Beijing may also have low expectations for any major breakthroughs at this year's summit, he said. China is also in the midst of economic challenges at home in the face of trade friction with the US. Another reason for Jinping's absence could be a heightened focus on domestic issues, with the Chinese President busy charting a course for the five years ahead of a key political conclave expected this year, according to the CNN report. Changing Dynamics Launched in 2009, BRICs positions itself as the Global South's answer to the Group of Seven (G7) major developed economies. But with the addition of new members--all of which are in various stages of economic development and with varying levels of antagonism towards the West-- BRICS has skewed towards autocracies, leaving Brazil, South Africa and India uneasy. Brazil, which is fast emerging as a diplomatic powerhouse in the global south, would not want the focus of the summit to be solely on criticism of Western double standards in the Middle East and Ukraine, as it wants the body to champion a theme of inclusive global governance reform. Officially, President Luiz Inácio Lula da Silva's government is hoping to guide the discussion toward concrete themes-- the green energy transition, cooperation on vaccines, and expanding the most-favoured nation status to all countries in the World Trade Organisation--leaving little room for Beijing's agenda to flourish.
Time of India
an hour ago
- Time of India
‘India has drawn its red lines…': Ahead of Donald Trump's tariff deadline, officials say ‘ball in US court' on trade deal; here's what's happening
India's largest trading partner since 2021-22 has been the United States. (AI image) India-US trade deal: Ahead of US President Donald Trump 's July 9 tariff deadline, India has drawn the red lines on a mini trade deal. According to Indian officials, the decision on the mini or interim trade deal now rests with America. Sources told PTI that should matters be resolved, an interim trade deal could be announced prior to July 9, which coincides with the conclusion of the 90-day suspension period of Trump-era tariffs announced on April 2, affecting multiple countries including India. India-US Trade Deal: India Draws Red Lines As negotiations continue for the proposed interim trade agreement between India and the US, India has established firm boundaries on crucial sectors including agriculture and dairy. "India has drawn its red lines... now the ball is in the US court," sources told PTI. India and the US spoke of discussions for a bilateral trade agreement (BTA) in February, setting a timeline to complete the first phase by autumn (September-October) this year. Prior to this milestone, both countries are working to establish an interim trade arrangement. Also Read | India-US trade deal: 'Don't make deals based on deadlines, national interest paramount', says Piyush Goyal as Donald Trump's tariff date nears Following the US implementation of an additional 26% reciprocal tariff on Indian products on April 2, which was temporarily suspended for 90 days, America's 10% baseline tariff remains active. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 아픈 사람의 99%는 목이 뭉쳐있습니다. Undo 아픈 사람의 99%는 목이 뭉쳐있습니다. Undo 아픈 사람의 99%는 목이 뭉쳐있습니다. Undo 아픈 사람의 99%는 목이 뭉쳐있습니다. Undo India seeks complete exemption from the 26% tariff. "If the proposed trade talks fail, the 26 per cent tariffs will come into force again," one of the sources said. Commerce Minister Piyush Goyal emphasised last week that India's approach to trade agreements is not deadline-driven, and the country will only proceed with the US trade deal when it is completely finalised and aligns with national interests. Trade agreements can only materialise when they provide mutual advantages to both participating nations, ensuring a beneficial outcome for all parties involved, he had stressed. "National interest should always be supreme. Keeping that in mind, if a deal is made then India is always ready to deal with developed countries," Goyal had said on July 4. India-US Trade Deal Issues Following discussions in Washington regarding an interim trade agreement, the Indian delegation has returned. Outstanding issues remain concerning tariffs on steel, aluminium (50 per cent) and auto (25 per cent). India has taken a firm stance regarding duty concessions to the US on agricultural and dairy products, considering their sensitive nature. Notably, India has maintained a consistent policy of keeping its dairy sector protected in all previous trade agreements. The Donald Trump administration has initiated correspondence with 10-12 nations regarding reciprocal tariff rates, with plans to finalise the process by July 9. India awaits clarity on whether a trade agreement with Washington can be reached before the US president's tariff deadline. The specific countries involved have not been disclosed by Trump. The implementation of reciprocal tariffs is scheduled to commence from August 1. The negotiations involve potential duty adjustments, with the US seeking concessions on industrial goods, electric vehicles, wines, petrochemicals, dairy products and agricultural items including apples, tree nuts and alfalfa hay. India's considerations for duty reductions focus on labour-intensive industries, encompassing apparels, textiles, gems and jewellery, leather goods, plastics, chemicals, oil seeds, shrimp and horticultural products. Also Read | India-US trade deal: What's the deadlock about? Top issues blocking agreement as Donald Trump's 26% tariff deadline looms India-US Trade Ties India's largest trading partner since 2021-22 has been the United States. The bilateral trade figures for 2024-25 reached $131.84 billion, comprising $86.51 billion in exports, $45.33 billion in imports, resulting in a trade surplus of $41.18 billion. In the April-May period of the current fiscal year, India's merchandise exports to the United States increased by 21.78 per cent, reaching $17.25 billion. Similarly, imports grew by 25.8 per cent to $8.87 billion. Services trade between the two nations expanded from $54.1 billion in 2018 to approximately $70.5 billion in 2024. Also Read | 'Take it or leave it': Donald Trump says US tariff letters ready for 12 countries ahead of July 9 deadline; will be sent out from... The United States represents a significant market for Indian enterprises, particularly in sectors including professional, scientific, and technical services, manufacturing, and information technology. In terms of India's overall trade composition, the United States contributes approximately 18 per cent of total goods exports, over 6 per cent of imports, and roughly 11 per cent of bilateral trade. The United States invested $70.65 billion in India during the period from April 2000 to March 2025, positioning itself as the third most significant investor. India's primary exports to the United States in 2024 comprised pharmaceutical formulations and biologicals worth $8.1 billion, telecommunications equipment valued at $6.5 billion, precious and semi-precious stones amounting to $5.3 billion, petroleum products at $4.1 billion, precious metal jewellery including gold at $3.2 billion, cotton garments with accessories totalling $2.8 billion, and iron and steel products worth $2.7 billion. The key imports consisted of crude oil valued at $4.5 billion, petroleum products worth $3.6 billion, coal and coke at $3.4 billion, processed diamonds at $2.6 billion, electrical machinery amounting to $1.4 billion, aviation components at $1.3 billion, and gold imports worth $1.3 billion. Also Read | US plans 'economic bunker buster' bill: Will Donald Trump impose 500% tariff on countries importing oil from Russia? How it may impact India Stay informed with the latest business news, updates on bank holidays and public holidays . 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