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

Source: https://www.thedailystar.net/news/world/news/china-urges-greater-brics-role-western-sanctions-mount-3632691

China urges greater BRICS role as Western sanctions mount

China has urged the BRICS bloc of nations to take on greater responsibilities and establish itself as being inclusive to the world, Foreign Minister Wang Yi said yesterday, in the wake of Western sanctions and trade restrictions imposed on the country.

Many Chinese companies have faced Western sanctions over their support for Russia's war in Ukraine, and the European Commission is set to announce tariffs this week on Chinese EVs in a bid to protect European carmakers.

This week, the Group of Seven wealthy democracies is expected to send a tough warning to smaller Chinese banks to stop helping Russia evade Western sanctions, Reuters reported, citing sources.

 

[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

thefinancialexpress.com.bd

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.​

 

[Saif]

https://thefinancialexpress.com.bd/economy/global/india-proposes-linking-brics-digital-currencies

RBI proposes linking BRICS digital currencies

FE ONLINE DESK
Published :
Jan 19, 2026 13:00
Updated :
Jan 19, 2026 13:00

India's central bank has proposed that BRICS countries link their official digital currencies to make cross-border trade and tourism payments easier, two sources said, which could reduce reliance on the US dollar as geopolitical tensions rise.

The Reserve Bank of India (RBI) has recommended to the government that a proposal connecting the central bank digital currencies (CBDCs) be included on the agenda for the 2026 BRICS summit, the sources said. They requested anonymity because they were not authorised to speak publicly.

India will host the summit, which will be held later this year. If the recommendation is accepted, a proposal to link the digital currencies of BRICS members would be put forward for the first time. The BRICS organisation includes Brazil, Russia, India, China and South Africa, among others.

The initiative could irritate the US, which has warned against any moves to bypass the dollar, reports Reuters.

US President Donald Trump has previously said the BRICS alliance is "anti-American" and he threatened to impose tariffs on its members.

The RBI, India's central government and the central banks of China, Brazil, and Russia did not respond to emails seeking comment. The South African central bank declined to comment.

The RBI's proposal to link BRICS' CBDCs for cross-border trade finance and tourism has not been previously reported.

BUILDING BRIDGES

The RBI's proposal builds on a 2025 declaration at a BRICS summit in Rio de Janeiro, which pushed for interoperability between members' payment systems to make cross-border transactions more efficient.

The RBI has publicly expressed interest in linking India's digital rupee with other nations' CBDCs to expedite cross-border transactions and bolster its currency's global usage. It has, however, said its efforts to promote the rupee's global use are not aimed at promoting de-dollarisation.

While none of the BRICS members have fully launched their digital currencies, all five main members have been running pilot projects.

India's digital currency - called the e-rupee - has attracted a total of 7 million retail users since its launch in December 2022, while China has pledged to boost the international use of the digital yuan.

The RBI has encouraged the adoption of the e-rupee by enabling offline payments, providing programmability for government subsidy transfers and by allowing fintech firms to offer digital currency wallets.

For the BRICS digital currency linkages to be successful, elements like interoperable technology, governance rules and ways to settle imbalanced trade volumes would be among the discussion topics, one of the sources said.

The source cautioned that hesitation among members to adopt technological platforms from other countries could delay work on the proposal and concrete progress would require consensus on tech and regulation.

One idea that is being explored to manage potential trade imbalances is the use of bilateral foreign exchange swap arrangements between central banks, both the sources said.

Previous attempts by Russia and India to conduct more trade in their local currencies hit roadblocks. Russia accumulated large balances of the Indian rupee for which it found limited use, prompting India's central bank to permit the investment of such balances in local bonds.

Weekly or monthly settlements for transactions are being proposed to be made via the swaps, the second source said.

LONG ROAD

Founded in 2009 by Brazil, Russia, India and China, BRICS later expanded to include South Africa and has since broadened further, adding newer members like the United Arab Emirates, Iran and Indonesia.

The bloc has returned to the limelight thanks to Trump’s revived trade-war rhetoric and tariff threats, including warnings aimed at countries aligning with BRICS. At the same time, India has edged closer to Russia and China as it faced trade friction with the US

Past efforts to turn BRICS into a major economic counterweight have run into hurdles, including an ambition to create a common BRICS currency, an idea that was floated by Brazil but was subsequently nixed.

While interest in CBDCs has been dampened globally by rising stablecoin adoption, India continues to position its e-rupee as a safer, more regulated alternative.

CBDCs "do not pose many of the risks associated with stablecoins," RBI Deputy Governor T Rabi Sankar said last month.

"Beyond the facilitation of illicit payments and circumvention of control measures, stablecoins raise significant concerns for monetary stability, fiscal policy, banking intermediation and systemic resilience," Sankar said.

India fears widespread stablecoin use could fragment national payments and weaken its digital payments ecosystem, Reuters reported in September.​