Latest news with #Brics-aligned
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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 He criticised global institutions for being outdated and ineffective.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)
Malaysiakini
23-05-2025
- Business
- Malaysiakini
Anwar's visit to Russia a strategic pivot
LETTER | Prime Minister Anwar Ibrahim's recent diplomatic mission to Russia marks a pivotal moment in Malaysia's evolving foreign policy. This visit is not just a geopolitical manoeuvre but a personal and strategic assertion of Malaysia's autonomy in the face of rising pressures from Western powers. As someone who has spent almost eight years in this country - studying here and considering Russia as my alma mater and second home - I feel an even deeper resonance with Malaysia's efforts to engage with Russia. This connection shapes my perspective on the importance of this diplomatic initiative, which underscores Malaysia's pursuit of a multipolar foreign policy that balances its economic resilience and sovereignty. Redefining bilateral engagements Anwar's engagement with Russian President Vladimir Putin symbolises a strategic pivot towards strengthening economic, technological, and energy cooperation with Russia. Against the backdrop of ongoing Western sanctions, Malaysia stands to benefit from preferential energy deals, nuclear expertise, and collaborations in agriculture and defence. The exploration of alternative trade and financial mechanisms, including local currency settlements and Brics-aligned systems, reflects Malaysia's efforts to reduce dependency on Western-dominated financial structures. This effort is particularly important as the country seeks to safeguard its economic interests while maintaining independence from global financial systems often influenced by Western priorities. The US-led Global Minimum Tax initiative, which imposes a 15 percent tax on multinational corporations, threatens Malaysia's ability to attract foreign direct investment by restricting the competitive tax incentives that developing nations traditionally use. In reaching out to Russia, Malaysia aligns itself with emerging economic systems that offer greater flexibility in tax policies, investment frameworks, and revenue generation, free from the constraints of US-imposed tax norms. This effort is particularly significant for Malaysia, as it navigates the complexities of maintaining fiscal sovereignty while fostering a favourable environment for growth and development in an increasingly multipolar world. Nuanced assertion of non-alignment Anwar's diplomatic overture to Russia is not merely a pivot away from the West but a reaffirmation of Malaysia's commitment to a balanced, non-aligned foreign policy. This engagement illustrates Malaysia's enduring principle of cultivating relationships across different global power centres, while resisting pressures to conform to a binary geopolitical framework. For Malaysia, this move is a strategic step towards a diversified future - one where national interests are defended, and sovereignty is respected. It reflects the growing tendency of nations within the Global South to assert their autonomy, seeking alliances that serve their development goals, free from the influence of any one dominant power. While Malaysia's outreach to Russia may generate diplomatic challenges - such as the risk of secondary sanctions or tensions with traditional Western allies - the pursuit of multipolar partnerships is a strategic decision to expand Malaysia's options and improve its bargaining power on the global stage. This approach serves to diversify Malaysia's dependencies and creates opportunities for growth, even in an era of economic nationalism and protectionism. Charting a sovereign economic future Anwar's visit to Russia is not only a testament to Malaysia's growing diplomatic maturity but also a personal reflection of the country's enduring resilience. As someone deeply connected to both Malaysia and Russia, I see this visit as an important step in securing a future where Malaysia's sovereignty, resilience, and strategic independence are prioritised. By building diverse alliances and asserting its autonomy in an increasingly fragmented global order, Malaysia is charting a course that allows it to shape its future on its own terms, balancing East and West while standing firm in the face of external pressures. In a world increasingly shaped by competition and shifting allegiances, Malaysia's foreign policy is evolving to meet the challenges of a multipolar world. As a nation that has embraced its historical roots and committed to a future of strategic independence, Malaysia will not be constrained by the policies of any one power. Instead, it will continue to navigate the global landscape on its own terms, driven by the pursuit of its national interests and a vision of a fairer, more balanced world order. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
Malaysiakini
22-05-2025
- Business
- Malaysiakini
Anwar's visit to Russia a strategic pivot
LETTER | Prime Minister Anwar Ibrahim's recent diplomatic mission to Russia marks a pivotal moment in Malaysia's evolving foreign policy. This visit is not just a geopolitical manoeuvre but a personal and strategic assertion of Malaysia's autonomy in the face of rising pressures from Western powers. As someone who has spent almost eight years in this country - studying here and considering Russia as my alma mater and second home - I feel an even deeper resonance with Malaysia's efforts to engage with Russia. This connection shapes my perspective on the importance of this diplomatic initiative, which underscores Malaysia's pursuit of a multipolar foreign policy that balances its economic resilience and sovereignty. Redefining bilateral engagements Anwar's engagement with Russian President Vladimir Putin symbolises a strategic pivot towards strengthening economic, technological, and energy cooperation with Russia. Against the backdrop of ongoing Western sanctions, Malaysia stands to benefit from preferential energy deals, nuclear expertise, and collaborations in agriculture and defence. The exploration of alternative trade and financial mechanisms, including local currency settlements and Brics-aligned systems, reflects Malaysia's efforts to reduce dependency on Western-dominated financial structures. This effort is particularly important as the country seeks to safeguard its economic interests while maintaining independence from global financial systems often influenced by Western priorities. The US-led Global Minimum Tax initiative, which imposes a 15 percent tax on multinational corporations, threatens Malaysia's ability to attract foreign direct investment by restricting the competitive tax incentives that developing nations traditionally use. In reaching out to Russia, Malaysia aligns itself with emerging economic systems that offer greater flexibility in tax policies, investment frameworks, and revenue generation, free from the constraints of US-imposed tax norms. This effort is particularly significant for Malaysia, as it navigates the complexities of maintaining fiscal sovereignty while fostering a favourable environment for growth and development in an increasingly multipolar world. Nuanced assertion of non-alignment Anwar's diplomatic overture to Russia is not merely a pivot away from the West but a reaffirmation of Malaysia's commitment to a balanced, non-aligned foreign policy. This engagement illustrates Malaysia's enduring principle of cultivating relationships across different global power centres, while resisting pressures to conform to a binary geopolitical framework. For Malaysia, this move is a strategic step towards a diversified future - one where national interests are defended, and sovereignty is respected. It reflects the growing tendency of nations within the Global South to assert their autonomy, seeking alliances that serve their development goals, free from the influence of any one dominant power. While Malaysia's outreach to Russia may generate diplomatic challenges - such as the risk of secondary sanctions or tensions with traditional Western allies - the pursuit of multipolar partnerships is a strategic decision to expand Malaysia's options and improve its bargaining power on the global stage. This approach serves to diversify Malaysia's dependencies and creates opportunities for growth, even in an era of economic nationalism and protectionism. Charting a sovereign economic future Anwar's visit to Russia is not only a testament to Malaysia's growing diplomatic maturity but also a personal reflection of the country's enduring resilience. As someone deeply connected to both Malaysia and Russia, I see this visit as an important step in securing a future where Malaysia's sovereignty, resilience, and strategic independence are prioritised. By building diverse alliances and asserting its autonomy in an increasingly fragmented global order, Malaysia is charting a course that allows it to shape its future on its own terms, balancing East and West while standing firm in the face of external pressures. In a world increasingly shaped by competition and shifting allegiances, Malaysia's foreign policy is evolving to meet the challenges of a multipolar world. As a nation that has embraced its historical roots and committed to a future of strategic independence, Malaysia will not be constrained by the policies of any one power. Instead, it will continue to navigate the global landscape on its own terms, driven by the pursuit of its national interests and a vision of a fairer, more balanced world order. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
