Latest news with #XVII
IOL News
09-07-2025
- Business
- IOL News
South Africa faces economic turmoil as US tariffs could end Agoa's beneficial status
President Cyril Ramaphosa has arrived in Brazil where he attended the XVII #BRICSSummit on 6 - 7 July in Rio de Janeiro. Ramaphosa said the 30% reciprocal tariff is not an accurate representation of available trade data. Image: GCIS Industry players have warned of the wide-ranging implications resulting from the hefty import tariffs imposed by the United States on the country's products. Beginning August 1, the Trump Administration levied a staggering 30% tariff on all South African products entering the US, potentially reversing the many benefits gained under the African Growth and Opportunity Act (Agoa). Economists and industry leaders are concerned that this sweeping tariff policy, which applies indiscriminately to "any and all South African products," could spell disaster for key sectors reliant on the US market. Major South African exports to the US include precious stones and metals, motor vehicles, parts and accessories; iron and steel, machinery; aluminium products, ores , organic chemicals, edible fruit, chemical products and nickel products. This uncertainty is compounded by the impending expiration of Agoa in September, with no guarantee that Congress will renew the deal. If the full 30% tariffs are imposed on South Africa in early August despite exclusions or reduced tariffs on metals and minerals, South Africa's large vehicle and agricultural export sectors will come under particular pressure. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading North West University Business School economist, Prof Raymond Parsons, noted the heavy economic headwind these tariffs create. 'While not unexpected, it creates a challenging economic headwind for SA. For now, the most vulnerable sectors for SA, such as agriculture and cars, remain badly affected unless last-minute negotiations can still ameliorate the situation by August 1,' Parsons said. 'It is also clear that the latest US tariff decision offsets any remaining advantages of duty-free access enjoyed so far by SA under Agoa, which in any event seems unlikely to be renewed by the US Congress later this year.' As a preferential trade agreement meant to foster trade between the US and Africa, Agoa allows over 30 African nations to export thousands of goods to the US, granting American access to vital minerals and investment opportunities in Africa. However, the clocks are ticking towards the agreement's potential demise, as efforts to extend it from 2025 to 2041 face uncertainty. Bongani Mankewu, director of the Infrastructure Finance Advisory Institute (InfraFin), concurred that Agoa seemed unlikely to be renewed and called for a strategic industrialisation capacity led by the government to ensure sustainability. 'We will be punished until we realise self-sufficiency through our own industrialisation is our only option. Even the BRICS that some think is a panacea will exploit us if we don't protect our total population's interest,' Mankewu said. 'The word "autarky" don't exist in our economic lexicon. Industrialisation ought to be driven by the government through instruments like development finance institutions. Alas, institutions like the Public Investment Corporation finance consumption related businesses. You better have a warehouse to store finished products for distribution than to establish a factory for manufacturing.' The new tariffs, which have been characterised as punitive by many stakeholders, could lead to a dramatic decline in South Africa's export capacity to the US trade relations. President Cyril Ramaphosa said the 30% reciprocal tariff is not an accurate representation of available trade data. 'In our interpretation of the available trade data, the average tariff on imported goods entering South Africa stands at 7.6%. Importantly, 56% of goods enter South Africa at 0% most favoured nation tariff, with 77% of US goods entering the South African market under the 0% duty,' he said. According to the Office of the US Trade Representative, US goods exports to South Africa in 2024 were $5.8 billion, down 18.3% from 2023 while US goods imports from South Africa were up 4.9% to $14.7bn during the same period. As a result, the US goods trade deficit with South Africa was $8.8bn in 2024, a 29% increase from $2bn over 2023. Anchor Capital analyst Casey Sprake said while a number of strategic products - such as platinum group metals (PGMs), manganese, chromium ores, and certain medical and energy-related goods - remained exempt from the higher duties, a significant portion of South Africa's export base is directly exposed. 'We estimate that around 40% of exports to the US may avoid the 30% tariff due to exemptions, but that still leaves key sectors highly vulnerable- such as the automotive industry and agricultural exports,' Sprake said. 'While it is unlikely that South Africa will lose all access to the US market, exporters will face significantly tougher competition and thinner margins. This has the potential to undermine job creation in export-led industries and deter long-term investment, especially in manufacturing. More broadly, this development signals a deterioration in the trade relationship between South Africa and one of its largest trading partners. BUSINESS REPORT
NDTV
07-07-2025
- Politics
- NDTV
S Jaishankar Holds Talks With Russian Counterpart Lavrov
External Affairs Minister S Jaishankar and his Russian counterpart, Sergey Lavrov, held a meeting on the sidelines of the 17th BRICS Summit in Rio de Janeiro on Sunday. In a statement shared on X, Russia's Ministry of Foreign Affairs stated, "Russia's Foreign Minister Sergey Lavrov and Minister of External Affairs of India @DrSJaishankar hold a meeting on the sidelines of the XVII #BRICS Summit. Rio de Janeiro, July 6." The two leaders had earlier met in Johannesburg in February this year, where they had discussed the ongoing progress of bilateral cooperation between India and Russia. 🇷🇺🇮🇳 Russia's Foreign Minister Sergey Lavrov and Minister of External Affairs of India @DrSJaishankar hold a meeting on the sidelines of the XVII #BRICS Summit 📍 Rio de Janeiro, July 6 #RussiaIndia #DruzhbaDosti — MFA Russia 🇷🇺 (@mfa_russia) July 6, 2025 The BRICS summit, hosted by Brazil, brought together leaders from Brazil, Russia, India, China, South Africa, as well as new members Egypt, Ethiopia, Iran, the UAE, and Indonesia. During the BRICS Summit on Sunday, Prime Minister Narendra Modi asserted that condemning terrorism must be a "principle" rather than a matter of "convenience", describing it as the "most serious challenge" for humanity in the current global scenario. Addressing the BRICS Session on Peace and Security, the Prime Minister highlighted the recent terror attack in Pahalgam in Jammu and Kashmir on April 22 as a stark reminder of terrorism's threat to global peace and called for unwavering international solidarity. He stated that the attack was a blow to the "soul, identity, and dignity" of India, acknowledging the international support that the nation received in solidarity. "Terrorism has become the most serious challenge for humanity today. Recently India faced an inhuman and cowardly terrorist attack. On 22 April, the terrorist attack in Pahalgam was a direct attack on the soul, identity, and dignity of India. This attack was a blow not only to India but to the entire humanity. In this hour of grief, I express my heartfelt gratitude to the friendly countries who stood with us, who expressed support and condolences," the PM stated. "Condemning terrorism should be our 'principle', not just a 'convenience'. If we first see in which country the attack took place and against whom, then it would be a betrayal against humanity," he added. In a statement shared on X, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal stated, "PM @narendramodi delivered his address at the session on 'Peace & Security' during the 17th BRICS Summit in Rio de Janeiro, Brazil. PM stated that terrorism was a grave threat to humanity and called upon BRICS to strengthen the global fight against the menace. Thanking countries for strongly condemning the Pahalgam terror attack and expressing solidarity for India, he urged zero tolerance for terrorism. He reaffirmed that India stands for dialogue and diplomacy to resolve conflicts and achieve global peace." PM @narendramodi delivered his address at the session on 'Peace & Security' during the 17th BRICS Summit in Rio de Janeiro, Brazil. PM stated that terrorism was a grave threat to humanity and called upon BRICS to strengthen the global fight against the menace. Thanking… — Randhir Jaiswal (@MEAIndia) July 6, 2025 During the BRICS Summit on 'Peace and Security and Reform of Global Governance', PM Modi stressed the urgent need to reform outdated global institutions to reflect the realities of the 20th century. He highlighted the systemic inequalities and inefficiencies that the Global South faced, noting that the interests of the region have never been "prioritised". The Prime Minister also highlighted the expansion of BRICS as a model for adaptability and reform, welcoming Indonesia's recent inclusion and acknowledging the bloc's evolving role. "PM @narendramodi addressed the session on 'Peace and Security and Reform of Global Governance' at the 17th BRICS Summit in Rio de Janeiro. PM underscored the urgent need to reform outdated global institutions to reflect the realities of the 20th century. He called for strengthening multipolarity for an inclusive world that amplifies the voice of the Global South," Jaiswal posted on X.
India Gazette
07-07-2025
- Politics
- India Gazette
Jaishankar, Russian counterpart Lavrov discuss bilateral cooperation, West Asia
Rio de Janeiro [Brazil], July 7 (ANI): External Affairs Minister S Jaishankar held a meeting with his Russian counterpart Sergey Lavrov on the sidelines of the BRICS Summit on Sunday and discussed bilateral cooperation, West Asia, the BRICS, and the Shanghai Cooperation Organisation (SCO) In a post on X, Jaishankar stated, 'Good to meet with FM Sergey Lavrov of Russia on the sidelines of #BRICS2025. Discussed bilateral cooperation, West Asia, BRICS and SCO.' Earlier, Russia's Ministry of Foreign Affairs shared a picture of Jaishankar and Lavrov, stating that the two leaders held talks on the sidelines of the BRICS Summit. 'Russia's Foreign Minister Sergey Lavrov and Minister of External Affairs of India @DrSJaishankar hold a meeting on the sidelines of the XVII #BRICS Summit. Rio de Janeiro, July 6,' Russia's Ministry of Foreign Affairs posted on X. The two leaders had earlier met in Johannesburg in February this year, where they had discussed the ongoing progress of bilateral cooperation between India and Russia. Leaders of the BRICS group gathered in Rio de Janeiro to attend the 17th BRICS Summit hosted by Brazil. The BRICS summit held under Brazil's Chairmanship brought together leaders from Brazil, Russia, India, China, South Africa, as well as new members Egypt, Ethiopia, Iran, the UAE, and Indonesia. During the BRICS Summit on Sunday, Prime Minister Narendra Modi asserted that condemning terrorism must be a 'principle' rather than a matter of 'convenience', describing it as the 'most serious challenge' for humanity in the current global scenario. Addressing the BRICS Session on Peace and Security, PM Modi highlighted the recent terror attack in Pahalgam in Jammu and Kashmir on April 22 as a stark reminder of terrorism's threat to global peace and called for unwavering international solidarity. He stated that the attack was a blow to the 'soul, identity, and dignity' of India, acknowledging the international support that the nation received in solidarity.'Terrorism has become the most serious challenge for humanity today. 'Recently India faced an inhuman and cowardly terrorist attack. On 22 April, the terrorist attack in Pahalgam was a direct attack on the soul, identity, and dignity of India. This attack was a blow not only to India but to the entire humanity. In this hour of grief, I express my heartfelt gratitude to the friendly countries who stood with us, who expressed support and condolences,' the PM stated. 'Condemning terrorism should be our 'principle', not just a 'convenience'. If we first see in which country the attack took place and against whom, then it would be a betrayal against humanity,' he added. The first BRIC Summit was held in Yekaterinburg, Russia, in 2009. 4. It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC Foreign Ministers' meeting in New York in 2010, according to the Ministry of External Affairs (MEA) statement. South Africa attended the third BRICS Summit in Sanya in 2011. A further expansion of BRICS took place in 2024 with Egypt; Ethiopia; Iran;and UAE becoming full members of BRICS from January 1, 2024. In January 2025, Indonesia joined the BRICS as a full member, while Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan were inducted as partner countries of the BRICS. (ANI)
India Gazette
07-07-2025
- Politics
- India Gazette
EAM Jaishankar meets counterparts from Iran, Mexico on sidelines of BRICS Summit
Rio de Janeiro [Brazil], July 7 (ANI): External Affairs Minister S Jaishankar held a meeting with his counterparts from Iran and Mexico on the sidelines of the BRICS Summit in Brazil's Rio de Janeiro on Sunday (local time). Jaishankar met Mexico's Secretary of Foreign Affairs, Juan Ramon de la Fuente. The two leaders discussed further advancement of the partnership, focusing on health, digital, technology and space. In a statement shared on X, Jaishankar stated, 'Pleased to meet Juan Ramon de la Fuente, Secretary of Foreign Affairs of Mexico, in Rio de Janeiro today. Discussed further advancement of our partnership focusing on health, digital, technology and space.' Jaishankar met with Iran's Foreign Minister, Seyed Abbas Araghchi, in Rio de Janeiro and held talks focused on recent regional developments. 'Glad to meet FM @araghchi of Iran this evening. Our conversation focused on recent regional developments,' Jaishankar posted on X. Earlier, Jaishankar also held a meeting with his Russian counterpart Sergey Lavrov on the sidelines of the BRICS Summit on Sunday and discussed bilateral cooperation, West Asia, the BRICS, and the Shanghai Cooperation Organisation (SCO) In a post on X, Jaishankar stated, 'Good to meet with FM Sergey Lavrov of Russia on the sidelines of #BRICS2025. Discussed bilateral cooperation, West Asia, BRICS and SCO.' Russia's Ministry of Foreign Affairs also shared a picture of Jaishankar and Lavrov, stating that the two leaders held talks on the sidelines of the BRICS Summit. 'Russia's Foreign Minister Sergey Lavrov and Minister of External Affairs of India @DrSJaishankar hold a meeting on the sidelines of the XVII #BRICS Summit. Rio de Janeiro, July 6,' Russia's Ministry of Foreign Affairs posted on X. The 17th BRICS summit held under Brazil's Chairmanship brought together leaders from Brazil, Russia, India, China, South Africa, as well as new members Egypt, Ethiopia, Iran, the UAE, and Indonesia. During the BRICS Summit on Sunday, Prime Minister Narendra Modi asserted that condemning terrorism must be a 'principle' rather than a matter of 'convenience', describing it as the 'most serious challenge' for humanity in the current global scenario. Addressing the BRICS Session on Peace and Security, PM Modi highlighted the recent terror attack in Pahalgam in Jammu and Kashmir on April 22 as a stark reminder of terrorism's threat to global peace and called for unwavering international solidarity. He stated that the attack was a blow to the 'soul, identity, and dignity' of India, acknowledging the international support that the nation received in solidarity.'Terrorism has become the most serious challenge for humanity today. 'Recently India faced an inhuman and cowardly terrorist attack. On 22 April, the terrorist attack in Pahalgam was a direct attack on the soul, identity, and dignity of India. This attack was a blow not only to India but to the entire humanity. In this hour of grief, I express my heartfelt gratitude to the friendly countries who stood with us, who expressed support and condolences,' the PM stated. 'Condemning terrorism should be our 'principle', not just a 'convenience'. If we first see in which country the attack took place and against whom, then it would be a betrayal against humanity,' he added. (ANI)
IOL News
06-07-2025
- Business
- IOL News
BRICS nations voice 'serious concerns' over Trump tariffs
A workers walks in the open area of the Modern Art Museum (MAM) where the BRICS summit 2025 will be held in Rio de Janeiro, Brazil on July 3, 2025. Image: Mauro PIMENTEL/AFP BRICS leaders meeting in Rio de Janeiro on Sunday are expected to decry US President Donald Trump's "indiscriminate" trade tariffs, saying they are illegal and risk hurting the global economy. Emerging nations, which represent about half the world's population and 40 percent of global economic output, have united over "serious concerns" about US import tariffs, according to a draft summit statement obtained by AFP on Saturday. Since coming to office in January, Trump has threatened allies and rivals alike with a slew of punitive duties. President Cyril Ramaphosa has arrived in Brazil at the invitation of President Luiz Inacio Lula da Silva of Brazil, where he will attend the XVII #BRICSSummit on 6 - 7 July 2025 in Rio de Janeiro. Image: GCIS Video Player is loading. 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Advertisement Next Stay Close ✕ His latest salvo comes in the form of letters informing trading partners of new tariff rates that will soon enter into force. The draft summit declaration does not mention the United States or its president by name, and could yet be amended by leaders gathering for talks Sunday and Monday. But it is a clear political shot directed at Washington from 11 emerging nations, including Brazil, Russia, India, China and South Africa. "We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organization) rules," the draft text says. It warns that such measures "threaten to further reduce global trade" and are "affecting the prospects for global economic development." Xi no show Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to Western power. But the summit's political punch will be depleted by the absence of China's Xi Jinping, who is skipping the annual meeting for the first time in his 12 years as president. That absence has prompted fevered speculation in some quarters. "The simplest explanation may hold the most explanatory power. Xi recently hosted Lula in Beijing," said Ryan Hass, a former China director at the US National Security Council who is now with the Brookings Institution think tank. The Chinese leader will not be the only notable absentee. War crime-indicted Russian President Vladimir Putin is also opting to stay away, but will participate via video link, according to the Kremlin. Hass said Putin's non-attendance and the fact that Indian Prime Minister Narendra Modi will be a guest of honor in Brazil could also be factors in Xi's absence. "Xi does not want to appear upstaged by Modi," who will receive a state lunch, he said. "I expect Xi's decision to delegate attendance to Premier Li (Qiang) rests amidst these factors." Still, the Xi no-show is a blow to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage. In the year to November 2025, Brazil will have hosted a G20 summit, a BRICS summit, and COP30 international climate talks, all before heading into fiercely contested presidential elections next year, in which he is expected to run. Lula warmly welcomed leaders and dignitaries on Saturday, including China's Premier Li Qiang, as the leftist president hosted a pre-summit business forum in Rio. "Faced with the resurgence of protectionism, it is up to emerging countries to defend the multilateral trade regime and reform the international financial architecture," Lula told the event. Iran's President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel, is also skipping the meeting and will be represented by Foreign Minister Abbas Araghchi. A source familiar with the negotiations said Iran had sought a tougher condemnation of Israel and the United States over their recent bombing of Iranian military, nuclear and other sites. But one diplomatic source said the text would give the "same message" that BRICS delivered last month. Then Iran's allies expressed "grave concern" about strikes against Iran, but did not explicitly mention Israel or the United States. Artificial intelligence and health will also be on the agenda at the summit. Original members of the bloc Brazil, Russia, India, and China have been joined by South Africa and, more recently, Saudi Arabia, Iran, the United Arab Emirates, Egypt, Ethiopia and Indonesia.
