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Investing.com -- Foreign ministers from the BRICS group, which includes Brazil, Russia, India, China, and South Africa, met on Monday to discuss their collective defense of the global trade system. The meeting took place in Rio de Janeiro, in response to the recent wave of tariffs introduced by U.S. President Donald Trump.
The group, which has expanded to include six additional nations such as Egypt, Saudi Arabia, the United Arab Emirates, Ethiopia, Indonesia, and Iran, is expected to produce a joint statement criticizing "unilateral measures" on trade. Brazilian Ambassador Mauricio Lyrio stated the ministers are negotiating a declaration to reaffirm the importance of multilateral trade negotiations as the main course of action in trade. The statement will also express their disapproval of unilateral measures of any origin, a position that BRICS countries have consistently held.
The expanded BRICS group faces considerable challenges due to U.S. trade actions. China, which was subjected to a 145% tariff on its exports to the United States, has called for a stronger tone in the communique. However, a source familiar with negotiations stated that the final text will be critical but not confrontational.
President Trump has criticized the BRICS group as a whole, threatening additional 100% tariffs if the bloc proceeds with a single currency to replace the dollar in trade relations. Brazil has already abandoned the pursuit of a common currency during its BRICS presidency, a move reported in February. This decision may, however, pave the way for less reliance on the U.S. dollar in global trade.
In preparation for the United Nations climate summit that Brazil is hosting in November, the BRICS ministers will also discuss a shared position on climate finance. This issue is a key priority for Brazil’s presidency. Major developing nations, including China, are under increasing pressure from wealthier countries to contribute to financing adaptation and mitigation initiatives in the poorest countries.
According to Lyrio, what is not up for discussion is the revision of which countries are responsible for financing the energy transition and those that can voluntarily finance it. He emphasized that the financial obligation to finance the fight against climate change and the energy transition in developing countries lies with rich countries.
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