Foreign Ministers of BRICS countries at Rio de Janeiro Photo: Brunea Prado / AP / Profimedia
The foreign ministers of the states in the BRICS group met on Monday in Rio de Janeiro, in Brazil, to discuss a common defense of the global commercial system, coordinating their response to new rates imposed by US President Donald Trump, AFP reports.
The Rio de Janeiro meeting is expected to issue a common statement that criticizes commercial 'unilateral' measures.
“The ministers negotiate a statement to reaffirm the central character of (…) multilateral commercial negotiations such as the main axis of action in trade,” said Brazilian ambassador Mauricio Lyrio. “They will reaffirm their criticism of unilateral measures of any origin, which is a long -term position of the BRICS countries,” the ambassador continued.
BRICS -Brazil, Russia, India, China, South Africa, who were added to Egypt, Saudi Arabia, United Arab Emirates, Ethiopia, Indonesia and Iran -are facing great challenges from US trade.
China, which was hit by 145% rates on its exports to the United States, insisted on a tougher tone in the statement, but, according to a source familiar with negotiations, the final text will be critical, but not conflict.
The BRICS group as a whole was criticized by Trump, which threatened with additional 100% rates if the block would adopt a single currency to replace the dollar in commercial relations.
Brazil has already given up pursuing the creation of a common currency during his BRICS presidency, Reuters said in February, although Brazil's agenda could open the way for less dependence on the US dollar.
With one eye on the UN climatic summit that Brazil will host in November, BRICS ministers will also discuss a common position in financing in this field, a key priority of the Brazilian presidency.
Major emerging states, including China, are experiencing increasing pressure from rich countries to contribute to financing the initiatives to adapt and mitigate climatic changes in the poorest countries.
“What is not on the agenda is to revise which countries must pay for the energy transition and which countries can voluntarily finance it. This distinction is absolutely fundamental,” said Lyrio. “The financial obligation to finance the struggle against climate change and the energy transition in developing countries lies with the rich states,” added the Brazilian ambassador.
