BRICS criticizes unilateral tariffs on global trade
The finance ministers and central banks presidents of the BRICS countries disapproved of unilateral tariff increases that “distort trade” and are “inconsistent with World Trade Organization (WTO) rules.” Although the statement did not mention the United States directly, it clearly referred to the tariff policies imposed by the Donald Trump administration earlier this year.
The statement is part of the ministerial document published on Saturday (Jul. 5) at the conclusion of the meeting in Rio de Janeiro.
“BRICS members have demonstrated resilience and will continue to cooperate with each other and with other countries to safeguard and strengthen a non-discriminatory, open, fair, inclusive, equitable, transparent, and rules-based multilateral trading system, with the WTO at its core, avoiding trade wars that could plunge the global economy into recession or further prolong subdued growth,” says an excerpt from the document on the subject.
In addition to the ministerial document, two other specific documents were published: one in support of the United Nations (UN) Framework Convention on International Tax Cooperation, and another on the review of IMF quotas.
“The realignment of quotas should reflect the relative positions of members in the global economy, while protecting the quotas of the most economically vulnerable members. A simple, balanced, and transparent quota formula that takes into account relevant factors and variables—such as members’ GDP in Purchasing Power Parity (PPP)—should serve as a guiding tool in an inclusive quota realignment process,” the document reads.
The statement on tax cooperation advocates for a more inclusive international system, emphasizing fiscal transparency and the promotion of global dialogue, which contribute to reducing inequalities.
COP30
In the ministers’ main statement, COP30—to be held in November in Belém, in Northern Brazil—was also highlighted as a key theme. They advocated for greater involvement of finance ministries and central banks in the discussions, particularly regarding the goal of mobilizing $1.3 trillion in climate finance.
“We also recognize the need to address the structural challenges arising from climate change and energy transitions, biodiversity and nature conservation, demographic shifts, and digitalization—understanding that doing so also presents significant opportunities for investment, sustainable development, and poverty eradication,” the document says.
