Criticize and voice anxieties over 'independent economic penalties'
**BRICS Summit in Rio de Janeiro: Unified Stance Against Unilateral Tariffs and Protectionism**
The 14th BRICS summit, held in Rio de Janeiro, Brazil, has seen the group of 11 nations—including Brazil, Russia, India, China, South Africa, Egypt, Iran, United Arab Emirates, Ethiopia, Saudi Arabia, and Indonesia—issue a joint declaration strongly condemning unilateral tariff and trade measures. The declaration, while not directly naming any specific countries, is widely understood to target the United States and its protectionist trade policies.
### Key Points of the BRICS Declaration
1. **Condemnation of Unilateral Tariffs**: The BRICS leaders expressed serious concerns about the rise in unilateral tariff and non-tariff measures, viewing them as illegal and arbitrary. They emphasized that such actions threaten to destabilize global trade and economic cooperation.
2. **Support for WTO Rules**: The BRICS nations reaffirmed their support for the WTO's rules-based, open, transparent, fair, inclusive, equitable, non-discriminatory, and consensus-based multilateral trading system. They emphasized the importance of special and differential treatment for developing members.
3. **Stance Towards the United States**: While the declaration did not directly name the United States or its president, it was clear in its criticism of unilateral tariff actions typical of recent US trade policies. The BRICS nations avoided direct criticism of the US but highlighted the negative impacts of such measures on global trade.
### Implications
- **Global Economic Impact**: The BRICS declaration underscores the potential for unilateral tariffs to disrupt global supply chains and introduce uncertainty into international economic activities. This could lead to reduced global trade and economic instability.
- **Multilateral Cooperation**: By emphasizing WTO rules, BRICS nations signal their commitment to multilateralism as a counterbalance to unilateral actions. This stance could strengthen global opposition to protectionism and promote more inclusive trade practices.
- **US-BRICS Relations**: The indirect criticism of US trade policies reflects underlying tensions between the BRICS bloc and the US. While BRICS seeks to promote its economic interests through multilateral frameworks, the US's reliance on unilateral measures may continue to strain relations.
This year's summit, hosted by President Lula da Silva, has seen notable absences, with the Russian and Chinese presidents not in attendance. Despite these absences, the BRICS group continues to represent more than 40% of the global population and over 35% of global GDP, making it a significant force in global trade and economics. The summit focuses on four main themes: reform of the international order, promotion of multilateralism, fighting hunger and poverty, and promoting sustainable development. Discussions in the final session include the review of shareholdings in the World Bank, the realignment of IMF quotas, the increase in representation of developing countries in leadership positions within international financial institutions, and the reform of the UN Security Council.
- The BRICS summit's joint declaration, although not specifically naming any nations, appears to aim a sharp criticism towards nations employing war-and-conflicts-inducing protectionist trade policies in their finance and business affairs, a policy-and-legislation approach often associated with certain powerful nations.
- The BRICS leaders have shown solidarity in bid to address migration-related issues by emphasizing the need for a rules-based, open, and inclusive multilateral trading system, as opposed to the unilateral tariffs that could potentially disrupt global economic cooperation currently under threat.
- Politics and general news have taken a front seat as the absence of the Russian and Chinese presidents during the Brazil-hosted BRICS summit has raised questions about the bloc's unity amidst ongoing international conflicts.
- As the BRICS nations delve into reforming the international order, they are actively advocating for a more diverse representation in policy-and-legislation bodies like the World Bank, IMF, and the UN Security Council, hoping to foster a fairer and more equitable global trade environment.
