Latest news with #BRICS-related
New Straits Times
a day ago
- Business
- New Straits Times
Malaysia to remain competitive among Asean peers amid potential US tariff
KUALA LUMPUR: Malaysia remains competitive relative to its Asean peers despite the potential 10 per cent additional tariff imposed by the United States (US) on countries perceived to be aligned with BRICS, said MIDF Amanah Investment Bank. In a note today, MIDF said Asean peers such as Indonesia, Thailand and Vietnam — also BRICS partner countries — could face even higher combined tariff rates of 42 per cent, 46 per cent and 30 per cent, respectively. The new tariff, if implemented, could raise Malaysia's total tariff rate to 35 per cent, up from the current 25 per cent. "For Malaysia, a BRICS partner, the implication of this latest threat is speculative; after the negotiation, if Malaysia were to fall under the 10 per cent blanket tariff, this additional BRICS-related tariff could potentially raise its total tariff rate to 20 per cent. "However, at this juncture, this post is widely perceived as a threat rather than an imminent policy," MIDF said. US President Donald Trump, in a recent post on Truth Social, imposed an additional 10 per cent tariff on countries "aligning themselves with the anti-American policies of BRICS." He did not clarify what constitutes such an alignment. MIDF said the move may signal the US is still open to negotiations. "In Malaysia's case, the slightly higher tariff indicates that in the event Malaysia is unable to agree, that additional 10 per cent tariff will be enacted," it added. — BERNAMA
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Egypt's PM Attends Opening of BRICS Summit in Rio de Janeiro
Taarek Refaat Egypt's Prime Minister Mostafa Madbouly, is representing President Abdel Fattah El-Sisi at the 17th BRICS Summit, currently underway in Rio de Janeiro, Brazil, under the overarching theme: 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.' Madbouly attended the inaugural session of the high-level gathering, which brings together heads of state and government from the BRICS member nations — Brazil, Russia, India, China, and South Africa — alongside a select group of invited leaders from emerging economies. The summit's 2025 edition focuses on 'Peace, Security, and Reforming Global Governance,' reflecting the bloc's strategic emphasis on reshaping the international order to better reflect the voices and interests of the Global South. In a moment symbolic of Egypt's growing role on the international stage, Prime Minister Madbouly also took part in the official group photo with BRICS leaders, marking Egypt's continued engagement with the bloc and its aspirations for deeper integration. Egypt has shown increasing interest in fostering stronger ties with BRICS nations, particularly in light of recent economic realignments and calls for multipolar global governance. Cairo has actively participated in previous BRICS-related forums and maintains close diplomatic and economic cooperation with several BRICS member states. Over the course of the two-day summit — scheduled for July 6–7 — Madbouly is expected to engage in a series of bilateral meetings with heads of state and government from participating countries. He will also take part in thematic sessions addressing development financing, climate resilience, and innovation partnerships. The 17th BRICS Summit comes at a pivotal time amid intensifying global challenges, with member states calling for enhanced coordination to support peacebuilding efforts, equitable trade, and inclusive development pathways. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
