Latest news with #Brics'
TimesLIVE
07-07-2025
- Business
- TimesLIVE
Kremlin says Brics not trying to undermine other countries, after Trump threatens extra tariffs
The Kremlin said on Monday the Brics group of nations had never worked to undermine other countries, after US President Donald Trump said he would impose a 10% tariff on those aligning themselves with its 'anti-American policies'. Trump made the comments as Brics leaders kicked off a summit in Brazil on Sunday. Asked about Trump's remarks, Kremlin spokesperson Dmitry Peskov said the Kremlin had taken note of them. 'We have seen such statements by President Trump, but it is important to note the uniqueness of a group such as Brics is that it is a group of countries that share common approaches and a common world view on how to co-operate based on their own interests. 'And this co-operation in Brics has never been and will never be directed against any third countries.' South Africa's foreign ministry spokesperson said the Brics group should be seen as a push for 'reformed multilateralism, nothing more'. 'Brics' objectives are primarily about creating a more balanced and inclusive global order that better reflects the economic and political realities of the 21st century,' spokesperson Chrispin Phiri told Reuters.
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Business Standard
07-07-2025
- Business
- Business Standard
'Brics not aimed at any country', says China after Trump's tariff warning
China on Monday responded to US President Donald Trump's remarks about the Brics grouping, saying the bloc does not aim to confront or oppose any country. This comes after Trump announced plans to impose a 10 per cent tariff on nations supporting what he called Brics' "anti-American policies". 'Brics is an important platform for cooperation among emerging markets and developing countries,' Chinese Foreign Ministry spokesperson Mao Ning said, as quoted by news agency PTI. Mao emphasised that the Brics group stands for openness and mutual benefit. 'It is not a bloc for confrontation nor does it target any country,' she said. Asked specifically about Trump's threat of additional tariffs, Mao reiterated China's position on trade. 'Trade and tariffs have no winners and protectionism leaves nowhere,' she said. Donald Trump warns of extra tariffs on Brics-aligned nations Earlier, Trump warned that there would be no exception for any country aligning with Brics' "anti-American" stance and would face an extra 10 per cent tariff. The announcement came just ahead of the end of a 90-day pause on new trade duties. Trump also said that letters outlining updated tariff policies and trade terms would be sent to governments starting Monday, July 7, at 12:00 pm eastern time (9:30 pm IST). Brics Summit 2025 The 17th Brics Summit took place in Rio de Janeiro over the last weekend, with member nations discussing global governance reforms, the humanitarian crisis in Gaza, Israel's strike on Iran, and rising global protectionism. Prime Minister Narendra Modi, during a session on global governance reform, said the Global South has long faced double standards in areas like security and development. He criticised global institutions for being outdated and ineffective. 'These institutions are like mobile phones with SIM cards but no network,' Modi said, urging reforms in governance, voting rights, and leadership roles. Chinese Premier Li Qiang supported the view, saying Brics should lead efforts to make global governance more fair and efficient. During the summit, the Brics grouping raised concerns about growing use of unilateral tariffs, without naming the United States or Trump directly. A draft declaration seen by Bloomberg reportedly condemns economic coercion and tariff actions that violate World Trade Organisation rules. Originally formed by Brazil, Russia, India, China, and South Africa, Brics has grown significantly since 2024. Iran, Egypt, Ethiopia, and the United Arab Emirates joined last year, and Indonesia became the latest member in 2025. The bloc continues to advocate for a more multipolar and equitable global order. (With agency inputs)
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Business Standard
07-07-2025
- Politics
- Business Standard
LIVE news: Trump warns extra 10% tariffs against countries 'aligning' with Brics
US President Donald Trump announced on Sunday that nations supporting what he described as Brics' 'anti-American policies' will face an added 10% tariff. 'Any Country aligning themselves with the anti-American policies of BRICS will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!' Trump stated in a Truth Social post. He did not elaborate on what he meant by 'anti-American policies". The Brics group strongly denounced the recent terrorist attack in Pahalgam and echoed India's stance advocating a "zero tolerance" approach to terrorism. Brics leaders underscored their determination to combat terrorism in all its forms, including cross-border terrorism and terror financing, during the opening day of their two-day summit in the coastal city of Rio de Janeiro, Brazil. In what appeared to be a veiled criticism of US trade actions, the leaders also denounced the "indiscriminate" use of tariffs, warning that such practices threaten global trade. Indian Prime Minister Narendra Modi, addressing the Brics Summit in Rio de Janeiro, highlighted the Pahalgam attack, calling terrorism one of humanity's gravest threats. "Terrorism is among the most serious challenges facing humanity. Recently, India faced an inhuman and cowardly terrorist attack in Pahalgam. This was an attack on all of humanity," said Modi. Speaking during the summit's session on 'Peace and Security and Reform of Global Governance,' he reaffirmed India's dedication to peace and unity, and called for decisive global cooperation in fighting terrorism.
New Straits Times
07-07-2025
- Business
- New Straits Times
Malaysia calls for multilateral reforms, ethical AI at Brics Summit
RIO DE JANEIRO: Malaysia reiterated its firm stance on the need to strengthen multilateralism, reform the global economic system, and ensure ethical governance of artificial intelligence (AI) on the first day of the 17th Brics Leaders' Summit held here. Prime Minister Datuk Seri Anwar Ibrahim, during his intervention session with Brics leaders, urged the world to move beyond bloc confrontations and geopolitical divisions. He called for action to be driven by the spirit of cooperation, shared prosperity, and a collective commitment to a fair, safe, and inclusive digital future. "Malaysia takes seriously the scenario of 'geopolitics of tech' — technological development driven by geopolitical interests — which can undermine stability and stifle innovation," he said. He added that multilateralism is no longer a choice but an urgent necessity to ensure global stability, economic justice, and the sovereignty of developing nations often marginalised amid geopolitical and technological shifts. Outlining Malaysia's approach, he said that the country chooses principled cooperation grounded in justice, inclusivity, and universal sovereignty—not confrontation. As Asean chair, Malaysia is also championing an agenda aligned with Brics aspirations, including calls for reform of the global trade system towards greater fairness and development-centred policies. Malaysia also welcomed Brics' emphasis on the need for AI governance rooted in ethical values and universal well-being. In this regard, Malaysia has launched its National AI Roadmap and AI Governance Guidelines, and is now leading efforts to establish the Asean AI Network to enhance regional capacity and set common standards. "Malaysia stands ready to work closely with Brics and global partners to build a fairer economic system, a safe digital environment, and effective multilateralism for the shared future of humanity," he said. In his speech, the prime minister also addressed pressing global humanitarian issues, particularly in Gaza and Iran. "Malaysia urges the world not to remain silent on the humanitarian crimes in Gaza and the atrocities against the people of Iran. "Brics must rise as the voice of global justice, reject oppression, and uphold human dignity," he added firmly. This year's Brics Summit focuses on the role of developing nations in shaping a fairer global economic and digital landscape, with Malaysia's active participation reinforcing its commitment to universal values and international cooperation. Malaysia's participation in the summit is in its capacity as a Brics Partner Country and as the 2025 Asean Chair. Malaysia officially became a Brics Partner Country on Jan 1 this year.
The Star
31-05-2025
- Business
- The Star
Brics approves climate finance framework, crafting joint stance for first time
The Brics economic bloc approved its first joint climate finance framework on Thursday, the group's most coordinated effort to date on funding climate action and setting the stage for a shared position – a first for the group – ahead of Cop30 in Brazil. The nonbinding framework – agreed during a high-level meeting on climate change and sustainable development – outlines Brics priorities including the reform of multilateral development banks, the scaling up of concessional finance and the mobilising of private capital to support climate efforts in the Global South. The document will be submitted to Brics heads of state at their July meeting. Cop30, the 30th session of the Conference of the Parties, the latest United Nations climate change summit, is scheduled for November in Belem, Brazil. 'For the first time, there will be a document that guides a common and collective Brics action in the area of climate finance – involving, for example, reforms of multilateral banks, more concessional finance, and also the mobilisation of private capital and regulatory matters to ensure that flows can reach developing countries,' said Tatiana Rosito, the international affairs secretary at Brazil's finance ministry. In a statement, the Brazilian presidency said that the bloc's latest climate effort reflected a shift from defensive posturing to proactive coordination in international negotiations. Although this marks Brics' first formal initiative as a negotiations bloc on climate finance, its core members – Brazil, Russia, India, China and South Africa – have coordinated informally for years. Their climate diplomacy began through what was originally called the Basic group, which has worked jointly since the 1990s to defend the principle of 'common but differentiated responsibilities' in global negotiations. Brics' climate ambitions intensified with the 2024 Kazan Declaration, which analysts described as the farthest-reaching statement the bloc has yet produced. It placed the Paris Agreement at the centre of its strategy, rejected unilateral trade measures taken under the guise of environmental policy, and linked sustainability to development and equity. 'The framework declaration on climate finance was approved at the vice-ministerial level and will be taken to the heads of state,' said Liliam Chagas, director of climate at Brazil's Ministry of Foreign Affairs. 'Brics bringing its perspective as major developing countries of the Global South is very important and will help us with outcomes by the end of the year.' The framework feeds into Brazil's flagship goal for Cop30, called 'Road Map Baku-Belem', which aims to mobilise US$1.3 trillion in climate finance for developing countries by 2035. While the Brics document will not be part of formal talks under the UN climate process, officials say it could help build consensus and overcome deadlocks. 'Financing is one of the central issues – at Cop29 and again for Cop30 – especially in the shape of the Road Map Baku-Belem,' Rosito said. 'Even if it is not a negotiation document, it can very well help to unlock negotiations and push climate action forward.' Among the proposals is Brazil's planned Tropical Forests Forever Fund, a financing mechanism developed during its Group of 20 presidency and expected to launch at Cop30. It aims to attract private investment into forest conservation, offering returns instead of requesting direct contributions. 'This is an initiative that fits well as an innovative mechanism for private capital mobilisation,' Rosito said. 'With the financial model being designed, [we] could leverage resources four to five times over ... and the countries that conserve their forests would receive funds for not deforesting.' Beyond financing, the Brics meeting produced agreements to facilitate the use of climate-related patents, establish a joint platform for research and development and create a new Brics laboratory to assess how climate policies abroad might affect member economies. 'These countries will have a space to understand the impact of trade measures that might affect their exports,' Chagas said. She added that a separate agreement on carbon accounting would let Brics countries better track emissions linked to specific goods and industries, helping them evaluate how environmental standards might influence trade flows, import-export dynamics and broader economic activity.
