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South China Morning Post
11-07-2025
- Business
- South China Morning Post
Rio de Janeiro seeks to become Brics diplomatic hub with headquarters proposal
Rio de Janeiro is seeking to be home to the permanent headquarters of Brics, the economic bloc of emerging nations that currently has no official base of operations. Advertisement Rio's mayor, Eduardo Paes, delivered a letter of intent to Brazilian President Luiz Inácio Lula da Silva following the Brics 2025 summit held at the city's Museum of Modern Art earlier this week. Founded in 2009, Brics – whose membership now includes Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates – represents about 46 per cent of the world's population and 37 per cent of global GDP. The bloc was created to promote economic cooperation, global governance and sustainable development among emerging and developing economies. The goal of the proposal is to deepen the institutionalisation of the group, which, despite growing cooperation among members, does not yet have an institutional headquarters, a permanent general secretariat or a dedicated diplomatic corps. As part of its bid, Rio's City Hall has offered the historic building of the Brazilian Jockey Club, in the city centre. Designed by the Modernist architect Lúcio Costa, best known for his work on Brasília's urban plan, the 12-storey building includes more than 8,300 square metres (nearly 90,000 square feet) of space. Brazilian President Luiz Inácio Lula da Silva (left) with Rio de Janeiro Mayor Eduardo Paes. Photo: Handout Opened in 1972 with landscaping designed by Roberto Burle Marx, the building would require modernisation works estimated at around R$100 million, based on a 2019 assessment.
Russia Today
08-07-2025
- Business
- Russia Today
Trump warns of 10% duties on BRICS
US President Donald Trump has threatened levies on BRICS nations and those aligned with them, saying members of the economic bloc could pay an additional 10% tariff charge. Trump has repeatedly criticized BRICS and recently escalated his rhetoric, claiming he is ready for tariffs not only on its members but also on any country that 'aligns itself' with the bloc, which he accuses of embracing 'anti-American policies.' Asked whether the tariffs would take effect immediately, Trump said they would kick in 'pretty soon.' BRICS, originally formed by Brazil, Russia, India, and China in 2006, has expanded to include South Africa, Egypt, Iran, Ethiopia, the United Arab Emirates, and Indonesia. At the group's summit in the Russian city of Kazan last year, BRICS approved a new 'partner country' status in response to growing membership interest shown by more than 30 countries. Russian President Vladimir Putin said on Sunday, during the BRICS Summit in Brazil, that the bloc's combined GDP has overtaken that of the G7 when measured by purchasing power parity. The group now represents nearly half the world's population and about 40% of global GDP. Trump said he believed the bloc had 'largely broke[n] up,' while accusing BRICS of trying to undermine America's financial dominance by dethroning the dollar as the global standard. Losing the 'dollar is king' status, he warned, would be tantamount to 'a major world war.' 'We would not be the same country any longer,' he said. BRICS leaders have repeatedly stated that they have no interest in weakening the dollar, and that the greenback can only be weakened by its politicization. Putin has criticized Washington's 'weaponization' of US currency through sanctions and financial restrictions, calling it a 'big mistake' that is pushing countries to seek alternatives.
South China Morning Post
28-05-2025
- Business
- South China Morning Post
China pushes for a new ‘Asian alliance' as it signs deals with Asean, Gulf states
China is pushing to forge a powerful new economic bloc with countries across Southeast Asia and the Middle East to counteract rising US protectionism, with some analysts suggesting a prototype for an 'Asian Union' may be taking shape. Advertisement Premier Li Qiang attended the opening of a new forum bringing together leaders from China, the Association of Southeast Asian Nations (Asean) and the Gulf Cooperation Council (GCC) on Tuesday, where he remarked that the current global tensions offered an opportunity to bring the three sides closer together. 'Facing escalating geopolitical conflicts and confrontations, we can create long-term strategic opportunities by deepening mutual trust and strengthening solidarity,' Li said at the opening ceremony of the Asean-China-GCC Economic Forum held in Kuala Lumpur, the capital of Malaysia. Earlier the same day, the three parties also held a summit where they signed a joint statement pledging to cooperate more closely on trade, supply chains, infrastructure and finance. Asean comprises 10 nations from across Southeast Asia, while the GCC includes six Arab states bordering the Persian Gulf – namely, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Advertisement 'These three parties make up a quarter of the world's people and economy but only 5 per cent of global trade – showing huge potential for expansion,' Li said during his speech. The new summit has the potential to create a new paradigm for multilateral collaboration in Asia, putting China in a stronger position to withstand US trade pressure, said Wang Huiyao, the founder and president of the Center for China and Globalization think tank in Beijing.
