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

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[🇧🇩] BRICS---Can Developing Countries Including Bangladesh Benefit From It?
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BRICS nations voice 'serious concerns' over Trump tariffs
AFP Rio De Janeiro
Published: 06 Jul 2025, 13: 15

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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.​
 

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.​
 

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