[🇧🇩] BRICS---Can Developing Countries Including Bangladesh Benefit From It?

[Bilal9]

BD definitely should pursue BRICS membership along with ASEAN.

BD needs to be present in as many forum as possible to increase our global exposure.

I have to be honest it is unlikely BRICS will introduce its own currency… the countries are very different and have do not really think in short term there is much benefit in it.

BD is part of BRICS Bank, we should explore cheap loans from it if feasible.

Your points are well taken, but getting too involved in BRICS activity - especially concerning de-dollarization, will prove to be very detrimental to Bangladesh Exports to the USA, which is one of our primary apparel markets.

Trump has threatened "friend" Modi that any further pursual of de-dollarization by India will invite an imposition of 100% tariffs on Indian exports to the US. Bangladesh certainly does not want to be in that boat.

All other points made are reasonable and those avenues can be explored.

 

[Guru Dutt]

What has a country like Bangladesh got to do with trade organization like BRICS ?????

 

[Saif]

What has a country like Bangladesh got to do with trade organization like BRICS ?????

We are a big market for China and India (Biggest market for India in South Asia).......both of them are active members of BRICS.

 

[Saif]

BRICS summit planned for July in Rio: Brazil

Leaders of the countries known as BRICS will hold a summit in Rio de Janeiro in July, the current chair Brazil announced yesterday

www.thedailystar.net

BRICS summit planned for July in Rio: Brazil

Photo: Collected

Leaders of the countries known as BRICS will hold a summit in Rio de Janeiro in July, the current chair Brazil announced yesterday.

Other members of the trading bloc include Russia, India, China South Africa and others.

Brazilian Foreign Minister Mauro Vieira said on the social media platform X that the summit will be held July 6-7 and feature leaders of 20 countries with full or associate status in the bloc.

At this meeting "we will make very important decisions for the development of all these countries, for cooperation and for improving the living conditions of all their inhabitants," Vieira said.

US President Donald Trump has threatened to impose 100 percent tariffs on the BRICS countries if they undercut the US dollar.

At a BRICS summit in October in Russia, the member countries discussed boosting non-dollar transactions and strengthening local currencies.

The government of President Luiz Inacio Lula da Silva has said that under the Brazilian presidency the BRICS bloc will focus on strengthening cooperation with developing nations of the so-called Global South and on reforming multilateral institutions.

He said Brazil's priorities for the bloc include "developing means of payment" to encourage trade and investment among member states.

Last month, Brazil's chief negotiator for the BRICS group, Eduardo Saboia, told AFP there is no concrete plan to replace the dollar but rather talks on using local currencies in transactions.

The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates.

Altogether the BRICS coalition accounts for a significant minority of the world's economic output.​

 

[Saif]

Brazil hosts first BRICS Sherpas meeting

Brazilian Foreign Affairs Minister Mauro Vieira has opened the first meeting of BRICS Sherpas, or chief negotiators, with Brazil holding the rotating presidency of the bloc, the Foreign Ministry confirmed. In his opening speech on Tuesday, Vieira affirmed the response to the crisis of multilateral

thefinancialexpress.com.bd

Brazil hosts first BRICS Sherpas meeting
FE ONLINE DESK
Published :
Feb 26, 2025 11:27
Updated :
Feb 26, 2025 11:27

Brazilian Foreign Affairs Minister Mauro Vieira has opened the first meeting of BRICS Sherpas, or chief negotiators, with Brazil holding the rotating presidency of the bloc, the Foreign Ministry confirmed.

In his opening speech on Tuesday, Vieira affirmed the response to the crisis of multilateralism "is more multilateralism, stronger and more inclusive in all spheres."

The top diplomat of Brazil noted the international order is undergoing profound changes and existing institutions are struggling to adapt, while at the same time, emerging economies are demanding greater participation in global decisions, reports Xinhua.

"In this evolving scenario, BRICS plays a fundamental role in promoting a more just, inclusive and sustainable world order. A multipolar world is not only an emerging reality, but a shared objective," he said.

"A rebalanced global system must have stronger foundations of equity and representation, and no such foundation can be built without the voice of BRICS. This group embodies the aspirations of the Global South and our role in shaping the future has never been more significant," he added.

The meeting taking place at the Itamaraty Palace, Brazil's Foreign Ministry headquarters in the capital Brasilia, comprises two days of debates around issues related to promoting a fairer, multipolar world order, in keeping with the priorities of the bloc's Brazilian presidency.

This is the first meeting of negotiators since the BRICS bloc of emerging economies was expanded last year to include Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Iran and Indonesia, from the former members of Brazil, Russia, India, China and South Africa.

In addition, there are associated countries such as Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda and Uzbekistan.

The discussions seek to redefine global governance to reflect the realities of the 21st century, Vieira stressed in his speech, ensuring that developing countries are protagonists, not mere spectators.

In the area of economics, he said the protectionism in vogue threatens to deepen inequalities.

BRICS should "advocate" for an "open, fair and balanced" multilateral trade system that addresses the needs of the Global South and promotes a truly multipolar economic order, Vieira said.

Countries should continue to make progress in "alternative" financial mechanisms such as the New BRICS Development Bank, which plays a "vital" role in financing infrastructure and sustainable projects in emerging economies, he said.

Brazil, as BRICS president, will prioritize cooperation with the Global South and an agenda of social, economic and environmental development, with emphasis on six key areas: health, trade, climate change, artificial intelligence, reform of the multilateral security system and institutional strengthening of the bloc.

The second day of the BRICS Sherpas meeting on Wednesday includes a special session with the participation of Brazil's President Luiz Inacio Lula da Silva, and in the afternoon, a summary of the discussions will be released.​

 

[Saif]

BRICS-backed bank to lend $1b this yr to Bangladesh

The New Development Bank established by the BRICS has planned to raise its lending to Bangladesh development projects to $1 billion this year, a senior official of the Shanghai-based multilateral lender said yesterday.

www.thedailystar.net

BRICS-backed bank to lend $1b this yr to Bangladesh

A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. Photo: Reuters

The New Development Bank established by the BRICS has planned to raise its lending to Bangladesh development projects to $1 billion this year, a senior official of the Shanghai-based multilateral lender said yesterday.

Vladimir Kazbekov, a vice president of the NDB, said the bank has approved $320 million for the implementation of the Expanded Dhaka City Water Supply Resilient project, but this year it wants to more than triple the funding in view of Bangladesh's development needs.

The NDB official made the comments when he called on the Chief Adviser Professor Muhammad Yunus, at the State Guest House Jamuna in Dhaka.

The NDB is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) in 2015.

The chief adviser appreciated the role of the new multilateral lender, saying it can make a significant contribution in upgrading its development infrastructure.

Kazbekov said the lender was also committed to making major support for the infrastructure development of the gas sector in Bangladesh.

The NDB was also interested in lending substantially to the country's private sector in an effort to strengthen their capacity, the NDB vice president said.

Prof Yunus stressed NDB lending in social infrastructure such as housing facilities for thousands of workers in the country's booming economic zones.

Kazbekov said the bank has introduced multi-currency lending, which will benefit Bangladesh.

Shahriar Kader Siddiqi, the secretary of the Economic Relations Division, said the NDB should focus on introducing country strategy programmes on Bangladesh in an effort to align its funding with the development priorities of Bangladesh.

Bangladesh Investment Development Authority Executive Chairman Chowdhury Ashik Mahmud Bin Harun, SDG Coordinator Lamiya Morshed and ERD Secretary Shahriar Kader Siddiqi were also present in the meeting.

Meanwhile, leading US investors in Bangladesh, represented by the US-Bangladesh Business Council, met Yunus. They expressed their commitment to champion a growing Bangladesh-US economic partnership and to help catalyse and support mutually beneficial commercial relations between the two nations.

The delegation was led by Peter Haas, former US ambassador to Bangladesh, and strategic adviser at Excelerate Energy, and included representatives from Meta, Visa, Chevron, Uber, MetLife, Mastercard, Boeing and the US Soybean Export Council. Excelerate Energy chairs the board of directors of the US Chamber of Commerce's US-Bangladesh Business Council.

The meeting focused on strengthening trade and investment ties between the two countries.

"US companies have a long-term commitment to the growth story of Bangladesh, one that is anchored in resilience, entrepreneurship and long-term prosperity," said Haas.​

 

[Saif]

The evolving geo-political dimensions of BRICS in a multipolar world

Questions have been surfacing over the last few months about the United Nations (UN) and the exercise of veto power by the Permanent Members of the Security Council. This is being perceived as a stumbling block for resolving problems globally. Such a scenario has led many countries in the world to

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The evolving geo-political dimensions of BRICS in a multipolar world

Muhammad Zamir
Published :
Jun 11, 2025 00:42
Updated :
Jun 11, 2025 00:42

Questions have been surfacing over the last few months about the United Nations (UN) and the exercise of veto power by the Permanent Members of the Security Council. This is being perceived as a stumbling block for resolving problems globally.

Such a scenario has led many countries in the world to hope that a unified, broad presence of BRICS might help resolve problematic issues.

There are queries about how to find the least common denominators in finding solutions to emerging serious dimensions pertaining to finding solution to the effects of climate change and climate vulnerability-- in the form of adaptation, mitigation and climate finance. In addition, there is also an effort towards finding investors in renewable energy. There are also other volatile issues that have emerged due to the conflicts in Gaza, Lebanon and Ukraine. Many countries are also taking note of the possibility of repatriation of refugees to their homelands after being forced to seek sanctuary in neighbouring countries-- as has happened in the case of the Rohingyas who fled and were also forced out of their homes in the Rakhine state of Myanmar.

Originally constituted to assist in the identification and highlighting of investment opportunities, the BRICS grouping has eventually evolved into an actual geopolitical bloc, with their governments meeting annually aimed at coordinating multilateral policies through formal Summits since 2009.

Currently, bilateral relations among BRICS are conducted mainly based on non-interference, equality, and mutual benefit.

It may also be noted that the initial four BRICs -- Brazil, Russia, India, and China -- met in New York City in September 2006 at the margin of the UN General Assembly, but held its first full-scale meeting in Yekaterinburg, Russia, on June 16, 2009.

South Africa joining the bloc a year later. Iran, Egypt, Ethiopia, and the United Arab Emirates joined on January 1, 2024. Saudi Arabia has not joined officially as yet, but participates in the organisation's activities as an invited nation.

Analysts, consequently clearly identify BRICS as an intergovernmental economic-political organisation comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.

One needs to understand the importance of this Group through some statistics. Combined, the BRICS members encompass about 30 per cent of the world's land surface and 45 per cent of the global population. South Africa has the largest economy in Africa whereas Brazil, Russia, India, and China are among the world's ten largest countries by population, area, and Gross Domestic Product (GDP), and also in terms of purchasing power parity (PPP).

All five initial member states are also Members of the G20, with a combined nominal GDP of US Dollar 28 trillion which amounts to about 27 per cent of the Gross World Product, and a total GDP (PPP) of around US Dollar 57 trillion (33 per cent of global GDP PPP), and an estimated US Dollar 4.5 trillion in combined foreign reserves (as of 2018).

BRICS has expanded significantly since its 2009 inception as a group of four powers -- Brazil, Russia, India and China -- seeking an alternative platform to Western-led international organisations such as the G7. It now makes up nearly half of the world's population, 39 per cent of global GDP and weighs in on issues from Ukraine to Gaza to global trade.

The BRICS countries are considered as the foremost geopolitical rival to the G7 bloc comprising the leading advanced economies, implementing competing initiatives such as the New Development Bank, the BRICS Contingent Reserve Arrangement. These data have originated from the BRICS Joint Statistical Publication. All these details have led to BRICS receiving both praise and criticism from numerous commentators.

Significantly, during its BRICS Presidency this year, Russia has tried to focus on "promoting the entire range of partnership and cooperation within the framework of the association on three key tracks - politics and security, economy and finance, and cultural and humanitarian ties. All of these have particular connotations. In an interview with Sky News Arabia on September 20, Russian Foreign Minister Sergey Lavrov expressed scepticism but was straight to the point about the strategic expansion of BRICS, of which Russia has been President since January 2024.​

Tracking down the history, operations and achievements, Lavrov acknowledged in his interview that the BRICS association is consolidating its positions and cooperating with several countries.

At the same time, this Group is facing certain challenges. It is necessary to promote collaboration based on a balance of interests, and most importantly, ensure that BRICS functions based on consensus in the future.

Geo-strategists, however, believe that the consensus principle will primarily aim to find agreements that reflect the mutual accord of all participants. That, in the current scenario, will not be easy. The more the Partners, the harder it will be to reach an accord. In this context, we should not forget that it takes more time to finalise any consensus-based agreement than a vote-based solution.

BRICS expansion had sparked debates and discussions for the last few years. This difference of opinion continued till Ethiopia, Egypt, Iran, Saudi Arabia and the United Arab Emirates were finally accepted on the condition of "consensus" by BRICS members during the South African summit in August 2023.

Lavrov has already indicated and repeatedly explained the "suspension" of membership into BRICS+. Instead of membership, Lavrov has also observed that potential countries can only be accepted as a "partner group" with simple consideration to support and interact with the BRICS association.

According to information monitored, more than 30 countries, with growing discontent against Western hegemony, have confidentially expressed their readiness to join BRICS. Lavrov has also confirmed this figure in his interview with Sky News Arabia, and even earlier explained that "the modalities of ascension have to be collectively discussed" at subsequent Summits in future.

At South Africa's 15th Summit held under President Cyril Ramaphosa, several countries had expressed interest in ascending the BRICS association, but only five finally joined. The official documents, as stipulated by the guidelines, set no concrete criteria or rules for admission except using the flexible term "consensus" - a general agreement at the Summit which was utilized in the selection process. Foreign Minister Sergey Lavrov and Russian President Vladimir Putin have now described this designated circle of BRICS+ friends as "partner members" which has frankly been reflected in official documents.

As per the agreements reached at the BRICS Summit in Johannesburg in 2023, the Ministers reviewed the efforts to coordinate the modalities of the new category-- BRICS Partner Countries. Within the stipulated guidelines, Russia took over the BRICS one-year-long Presidency on January 1, 2024. What is likely to happen in 2025 after Donald Trump took over as President is a matter that analysts are monitoring carefully.

BRICS has experienced two phases of expansion. In 2011, South Africa joined the association, which included Brazil, Russia, India, and China. On January 1, 2024, five new members also officially entered the BRICS association - Ethiopia, Egypt, Iran, Saudi Arabia and the United Arab Emirates.

On October 24, 2024, an additional 13 countries namely Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan and Vietnam were invited to participate as "partner countries". The partner status would allow these countries to engage with and benefit from BRICS initiatives. It is however not clear whether the countries in this tier have received official membership invitations.

Nevertheless, there has been a movement forward towards further expansion. On January 6, 2025, Indonesia joined BRICS officially as a full member, making it the first Southeast Asian nation to join the bloc, as well as the 10th member of BRICS.

Brazil, which now chairs the 11-nation BRICS grouping that also includes Russia and China, has called for closer cooperation as the world deals with conflicts in Ukraine and Gaza and trade wars under US President Donald Trump. "We advocate diplomacy instead of confrontation, and cooperation instead of unilateralism," Brazil's Foreign Minister Mauro Vieira has told the BRICS Foreign Ministers in Rio. "The conflict in Ukraine continues to have a severe humanitarian impact, highlighting the urgent need for a diplomatic solution," he added. Vieira has also called for a "complete withdrawal" of Israeli forces from Gaza. "The resumption of Israeli bombings and the continuous obstruction of humanitarian aid are unacceptable," he said.



Muhammad Zamir, a former Ambassador, is an analyst specialised in foreign affairs, right to information and good governance.

 

[Saif]

BRICS to launch guarantee fund to boost investment in member nations, sources say

The BRICS group of developing nations is set to announce a new guarantee fund backed by the New Development Bank (NDB) to lower financing costs and boost investment, two people familiar with the matter told Reuters. The initiative, modelled on the World Bank's Multilateral Investment Guarantee Age

thefinancialexpress.com.bd

BRICS to launch guarantee fund to boost investment in member nations, sources say

REUTERS
Published :
Jul 04, 2025 11:06
Updated :
Jul 04, 2025 11:06

The BRICS group of developing nations is set to announce a new guarantee fund backed by the New Development Bank (NDB) to lower financing costs and boost investment, two people familiar with the matter told Reuters.

The initiative, modelled on the World Bank's Multilateral Investment Guarantee Agency (MIGA), aims to address global investment shifts amid uncertainty surrounding US economic policy, the sources said on condition of anonymity.

Brazilian officials view the fund as the centrepiece of the BRICS financial agenda during the country's rotating presidency. The fund is expected to be mentioned in the joint statement at the BRICS summit in Rio de Janeiro next week, said the sources.

Originally formed by Brazil, Russia, India and China, the BRICS group later added South Africa and recently expanded to include other developing nations to increase its influence in global governance.

The proposed BRICS Multilateral Guarantee (BMG) mechanism, incubated within the NDB, has received technical approval from member states and awaits final sign-off from BRICS finance ministers, considered a formality, one of the sources said.

Brazil's Finance Ministry declined to comment on the matter.

The initiative will not require additional capital from member countries at this stage. Instead, it aims to channel existing NDB resources to projects in developing nations.

No initial funding value has been disclosed, but officials involved in the talks expect each dollar in guarantees provided by the NDB to mobilise between five and ten dollars in private capital for pre-approved projects.

"This is a politically significant guarantee instrument. It sends a message that BRICS is alive, working on solutions, strengthening the NDB and responding to today's global needs," one source said.

Technical preparations for setting up the fund are expected to conclude by the end of this year, paving the way for pilot projects to receive guarantees in 2026.

BRICS countries face challenges common to developing nations in attracting large-scale private investment in infrastructure, climate adaptation and sustainable development.

Officials argue that guarantees issued by the NDB, whose credit rating is higher than that of most member countries, could help mitigate perceived risks for institutional investors and commercial banks.​

 

[Saif]

BRICS leaders meet in Rio to defend multilateralism ‘under attack’

Leaders of the growing BRICS group of developing nations met in Brazil on Sunday, calling for reform of traditional Western institutions while presenting the bloc as a defender of multilateral diplomacy in an increasingly fractured world. With forums such as the G7 and G20 groups of major economie

thefinancialexpress.com.bd

BRICS leaders meet in Rio to defend multilateralism ‘under attack’

REUTERS
Published :
Jul 06, 2025 22:00
Updated :
Jul 06, 2025 22:00

Brazil's President Luiz Inacio Lula da Silva and China's Premier Li Qiang attend a bilateral meeting, ahead of the BRICS summit, in Rio de Janeiro, Brazil July 5, 2025. Photo : REUTERS/Pilar Olivares

Leaders of the growing BRICS group of developing nations met in Brazil on Sunday, calling for reform of traditional Western institutions while presenting the bloc as a defender of multilateral diplomacy in an increasingly fractured world.

With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive “America First” approach of U.S. President Donald Trump, expansion of the BRICS has opened new space for diplomatic coordination.

In his opening remarks at the meeting in Rio de Janeiro, Brazilian President Luiz Inacio Lula da Silva drew a parallel with the Cold War’s Non-Aligned Movement, a group of developing nations that resisted formally joining either side of a polarized global order.

“BRICS is the heir to the Non-Aligned Movement,” Lula told leaders. “With multilateralism under attack, our autonomy is in check once again.”

BRICS nations now represent more than half the world’s population and 40% of its economic output, Lula noted in remarks on Saturday to business leaders warning of rising protectionism.

The BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates as members. This is the first summit of leaders to include Indonesia.

“The vacuum left by others ends up being filled almost instantly by the BRICS,” said a Brazilian diplomat who asked not to be named. Although the G7 still concentrates vast power, the diplomat added, “it doesn’t have the predominance it once did.”

However, there are questions about the shared goals of an increasingly heterogeneous BRICS group, which has grown to include regional rivals along with major emerging economies.

Stealing some thunder from this year’s summit, Chinese President Xi Jinping chose to send his prime minister in his place. Russian President Vladimir Putin is attending online due to an arrest warrant from the International Criminal Court.

Still, several heads of state gathered for discussions at Rio’s Museum of Modern Art on Sunday and Monday, including Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa.

More than 30 nations have expressed interest in participating in the BRICS, either as full members or partners.

GROWING CLOUT, COMPLEXITY

Expansion of the BRICS has added diplomatic weight to the gathering, which aspires to speak for developing nations across the Global South, strengthening calls for reforming global institutions such as the United Nations Security Council and the International Monetary Fund.

“If international governance does not reflect the new multipolar reality of the 21st century, it is up to BRICS to help bring it up to date,” Lula said in his opening remarks.

Lula defended the integrity of Iran’s borders, two weeks after the country was bombed by the United States, and highlighted the failure of U.S.-led wars in the Middle East.

The BRICS nations will also continue their thinly veiled criticism of Trump’s U.S. tariff policy, according to diplomats drafting a joint statement. In April, the bloc’s foreign ministers voiced concern about “unjustified unilateral protectionist measures, including the indiscriminate increase of reciprocal tariffs.”

Brazil, which also hosts the United Nations climate summit in November, has seized on both gatherings to highlight how seriously developing nations are tackling climate change, while Trump has slammed the brakes on U.S. climate initiatives.

China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in a proposed Tropical Forests Forever Facility, according to two sources with knowledge of the discussions about funding conservation of endangered forests around the world.

The growth of the bloc has also increased the challenges to reaching consensus on contentious geopolitical issues.

Ahead of the summit, negotiators struggled to find shared language for a joint statement about the bombardment of Gaza, the Israel-Iran conflict and a proposed reform of the Security Council, two sources said, speaking on condition of anonymity.

To overcome differences among African nations regarding the representation on a reformed Security Council, the group agreed to endorse seats for Brazil and India while leaving open which country should represent Africa’s interests, a person familiar with the talks told Reuters.​

 

[Saif]

BRICS finance ministers make unified proposal for IMF reforms

Finance ministers from the BRICS group of developing nations called on Saturday for reform of the International Monetary Fund, including a new distribution of voting rights and an end to the tradition of European management at the helm. The joint statement by the group's finance ministers marks th

thefinancialexpress.com.bd

BRICS finance ministers make unified proposal for IMF reforms

REUTERS
Published :
Jul 06, 2025 10:09
Updated :
Jul 06, 2025 10:09

Ricardo Alban, President of the National Confederation of Industry (CNI), delivers a speech as Malaysia's Prime Minister Anwar Ibrahim, Brazil's President Luiz Inacio Lula da Silva and Brazil's Vice President Geraldo Alckmin participate at the opening of the BRICS Business Forum, ahead of the BRICS Presidential Summit, in Rio de Janeiro, Brazil on July 5, 2025 — Reuters photo

Finance ministers from the BRICS group of developing nations called on Saturday for reform of the International Monetary Fund, including a new distribution of voting rights and an end to the tradition of European management at the helm.

The joint statement by the group's finance ministers marks the first time the BRICS countries have agreed on a unified position on the proposed reforms. They agreed to back the shared proposal at an IMF review meeting coming up in December, which will discuss changes to a quota system that defines contributions and voting rights

"Quota realignment should reflect members' relative positions in the global economy, while protecting the quota shares of the poorest members," the ministers wrote in their statement after meetings in Rio de Janeiro, adding that the new formula should increase quotas for developing countries.

The BRICS ministers called for a new formula weighted by economic output and purchasing power, considering the relative value of currencies, which should better represent low-income countries, said a Brazilian official who followed negotiations.

The ministerial meetings came ahead of a leaders summit in Rio for the bloc that expanded last year beyond Brazil, Russia, India, China and South Africa to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates.

That has added diplomatic clout to the group, which aims to speak for developing nations in the Global South, urging reforms of institutions long dominated by traditional Western powers.

"With full respect to a merit-based selection process, regional representation must be enhanced for the IMF management, overcoming the anachronistic post-World War II gentlemen's agreement that is unfit for the current world order," the finance ministers wrote.

Their statement also confirmed discussions to set up a new guarantee mechanism backed by the NDB, a multilateral bank funded by the BRICS, which aims to lower financing costs and boost investment in developing economies, as Reuters first reported on Thursday.​

 

[Saif]

BRICS nations voice 'serious concerns' over Trump tariffs

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.

en.prothomalo.com

BRICS nations voice 'serious concerns' over Trump tariffs
AFP Rio De Janeiro
Published: 06 Jul 2025, 13: 15

Brazil's President Luiz Inacio Lula da Silva speaks during the BRICS Business Forum in Rio de Janeiro, Brazil, on 5 July, 2025. BRICS leaders meeting in Rio de Janeiro from today are expected to decry Donald Trump's hardline trade policies, but are struggling to bridge divides over crises roiling the Middle East. AFP

BRICS leaders meeting in Rio de Janeiro today, 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 per cent 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.

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.​

 

[Saif]

Colombia, Uzbekistan join BRICS Bank

Colombia and Uzbekistan have joined the New Development Bank (NDB), expanding the membership of the multilateral lender commonly known as the BRICS Bank, the institution's president, Dilma Rousseff, announced here Saturday. The announcement came at a press conference held after the 10th meeting of

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Colombia, Uzbekistan join BRICS Bank

FE ONLINE DESK
Published :
Jul 06, 2025 14:25
Updated :
Jul 06, 2025 14:25

Colombia and Uzbekistan have joined the New Development Bank (NDB), expanding the membership of the multilateral lender commonly known as the BRICS Bank, the institution's president, Dilma Rousseff, announced here Saturday.

The announcement came at a press conference held after the 10th meeting of the NDB's Board of Directors, ahead of the 17th BRICS Summit scheduled for Sunday and Monday, reports Xinhua.

The bank's Board of Governors approved the accession of the two countries, bringing the total membership to 11.

Current members include Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia and Uzbekistan.

"We have several other countries under observation and review, and they may join the bank in the future," said Rousseff, adding that negotiations remain confidential as per the board's decision.

Noting that the bank's mission is to serve the Global South, she said the NDB aims to finance innovation, science and technology to help BRICS countries meet the demands of the Fourth Industrial Revolution.

Stressing that the NDB respects member countries' sovereignty and development priorities, and does not impose projects or lending conditions, Rousseff said: "One of our key differences is that all members are equal, and every voice is heard."

The bank is a 21st-century institution rooted in solidarity, equity and respect for national sovereignty, she added

Established in 2015 by Brazil, Russia, India, China and South Africa, the NDB is a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries.

Headquartered in Shanghai, the NDB has approved over 120 investment projects totaling 40 billion U.S. dollars and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social infrastructure and digital infrastructure.​