CNA938 Rewind - BRICS Summit 2025: Significance of Xi Jinping's absence
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CNA
an hour ago
- CNA
China retaliates to EU ban with import restrictions on medical devices
HONG KONG: China's finance ministry said on Sunday (Jul 6) it was restricting government purchases of medical devices from the European Union that exceed 45 million yuan (US$6.3 million) in value, in retaliation to Brussels' own curbs last month. Tensions between Beijing and Brussels have been rising, with the European Union imposing tariffs on China-built electric vehicles and Beijing slapping duties on imported brandy from the bloc. The European Union said last month it was barring Chinese companies from participating in EU public tenders for medical devices worth €60 billion (US$70 billion) or more per year after concluding that EU firms were not given fair access in China. The measure announced by the European Commission was the first under the EU's International Procurement Instrument, which entered into force in 2022 and is designed to ensure reciprocal market access. China's countermeasures were expected after its commerce ministry flagged "necessary steps" against the EU move late last month. "Regrettably, despite China's goodwill and sincerity, the EU has insisted on going its own way, taking restrictive measures and building new protectionist barriers," the commerce ministry said in a separate statement on Sunday. "Therefore, China has no choice but to adopt reciprocal restrictive measures." The EU delegation office in Beijing did not immediately respond to a request for comment. China will also restrict imports of medical devices from other countries that contain EU-made components worth more than 50 per cent of the contract value, the finance ministry said. The measures come into force on Sunday. The commerce ministry said products from European companies in China were not affected. The world's second- and third-largest economies are due to hold a leaders' summit in China later in July. On Friday, China also announced duties of up to 34.9 per cent for five years on brandy originating in the European Union, most of it cognac from France, after concluding an investigation largely believed to be a response to Europe's EV tariffs. Major cognac producers Pernod Ricard, LVMH and Remy Cointreau were spared from the levies, however, provided they sell at a minimum price, which China has not disclosed.
Straits Times
an hour ago
- Straits Times
China retaliates against EU ban with import restrictions on medical devices
Sign up now: Get ST's newsletters delivered to your inbox The EU said in June that it was barring Chinese companies from participating in EU public tenders for medical devices worth €60 billion or more per year. HONG KONG - China's finance ministry said on July 6 it was restricting government purchases of medical devices from the European Union (EU) that exceed 45 million yuan (S$7.98 million) in value, in retaliation to Brussels' own curbs last month. Tensions between Beijing and Brussels have been rising, with the EU imposing tariffs on China-built electric vehicles and Beijing slapping duties on imported brandy from the bloc. The EU said last month it was barring Chinese companies from participating in EU public tenders for medical devices worth €60 billion (S$90 billion) or more per year after concluding that EU firms were not given fair access in China. The measure announced by the European Commission was the first under the EU's International Procurement Instrument, which entered into force in 2022 and is designed to ensure reciprocal market access. China's countermeasures were expected after its commerce ministry flagged 'necessary steps' against the EU move late last month. 'Regrettably, despite China's goodwill and sincerity, the EU has insisted on going its own way, taking restrictive measures and building new protectionist barriers,' the commerce ministry said in a separate statement on July 6. 'Therefore, China has no choice but to adopt reciprocal restrictive measures.' Top stories Swipe. Select. Stay informed. Singapore First BTO project in Sembawang North to be offered in July launch Business High Court orders Instagram seller to pay Louis Vuitton $200,000 in damages over counterfeit goods Singapore MOH studying 18 proposals to integrate TCM into public healthcare Singapore TTSH to demolish century-old pavilion wards, keeping one as heritage marker Asia Malaysian commando dies during military diving exercise off Kuantan coast Singapore Overlooked 'glass child', the sibling of a special-needs kid Singapore Red Lions and naval divers join forces for Jump of Unity at NDP 2025 Singapore His world crashed when he got F9 in O-level Tamil but PropNex co-founder Ismail Gafoor beat the odds The EU delegation office in Beijing did not immediately respond to a request for comment. China will also restrict imports of medical devices from other countries that contain EU-made components worth more than 50 per cent of the contract value, the finance ministry said. The measures come into force on July 6. The commerce ministry said products from European companies in China were not affected. The world's second- and third-largest economies are due to hold a leaders' summit in China later in July. On July 4, China also announced duties of up to 34.9 per cent for five years on brandy originating in the EU , most of it cognac from France, after concluding an investigation largely believed to be a response to Europe's EV tariffs. Major cognac producers Pernod Ricard, LVMH and Remy Cointreau were spared from the levies, however, provided they sell at a minimum price, which China has not disclosed. REUTERS
CNA
4 hours ago
- CNA
Leaders of growing BRICS group gather for Rio summit
RIO DE JANEIRO: Leaders of the growing BRICS group of developing nations were set to gather in Rio de Janeiro on Sunday (Jul 6), calling for reform of traditional Western institutions while presenting the bloc as a defender of multilateralism in an increasingly fractured world. With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive "America First" approach of US President Donald Trump, expansion of the BRICS has opened new space for diplomatic coordination. "In the face of the resurgence of protectionism, it is up to emerging nations to defend the multilateral trade regime and reform the international financial architecture," Brazilian President Luiz Inacio Lula da Silva told a BRICS business forum on Saturday. BRICS nations now represent over half the world's population and 40 per cent of its economic output, Lula noted. The BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates as full members. This is the first leaders' summit to include Indonesia. "The vacuum left by others ends up being filled almost instantly by the BRICS," said a Brazilian diplomat who asked not to be named. Although the G7 still concentrates vast power, the source added, "it doesn't have the predominance it once did". However, there are questions about the shared goals of an increasingly heterogeneous BRICS group, which has grown to include regional rivals along with major emerging economies. Stealing some thunder from this year's summit, Chinese President Xi Jinping chose to send his prime minister in his place. Russian President Vladimir Putin is attending online due to an arrest warrant from the International Criminal Court. Still, many heads of state will gather for discussions at Rio's Museum of Modern Art on Sunday and Monday, including Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa. GROWING CLOUT, COMPLEXITY Brazil, which also hosts the United Nations climate summit in November, has seized on both gatherings to highlight how seriously developing nations are tackling climate change, while Trump has slammed the brakes on US climate initiatives. Both China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in a proposed Tropical Forests Forever Facility, according to two sources with knowledge of the discussions about funding conservation of endangered forests around the world. Expansion of the BRICS has added diplomatic weight to the gathering, which aspires to speak for developing nations across the Global South, strengthening calls for reforming global institutions such as the United Nations Security Council and the International Monetary Fund. The growth of the bloc has also increased the challenges to reaching consensus on contentious geopolitical issues. Ahead of the summit, negotiators struggled to find shared language for a joint statement about the bombardment of Gaza, the Israel-Iran conflict and a proposed reform of the Security Council, said two of the sources, who requested anonymity to speak openly. To overcome differences among African nations regarding the continent's proposed representative to a reformed Security Council, the group agreed to endorse seats for Brazil and India while leaving open which country should represent Africa's interests, a person familiar with the talks told Reuters. The BRICS will also continue their thinly veiled criticism of Trump's US tariff policy. At an April ministerial meeting, the bloc expressed concern about "unjustified unilateral protectionist measures, including the indiscriminate increase of reciprocal tariffs".
