Title: BRICS Ministers Fail to Reach Joint Communique on Trade Protectionism
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Rio de Janeiro: Foreign ministers from the BRICS group of developing nations failed to reach a joint communique on Tuesday after meeting in Rio de Janeiro, but chair Brazil issued a statement speaking out against trade protectionism.
In the statement, Brazil said the group’s foreign ministers expressed "serious concern at the prospect of a fragmented global economy and the weakening of multilateralism."
The United States has implemented a new tariffs-focused trade policy under President Donald Trump, raising concerns about a global economic slowdown, although the statement did not name the U.S.
The expanded BRICS group, which includes Brazil, Russia, India, China, and South Africa as well as new joiners Egypt, Saudi Arabia, the United Arab Emirates, Ethiopia, Indonesia, and Iran, faces daunting challenges from U.S. trade actions.
"The ministers voiced serious concerns about the rise of unjustified unilateral protectionist measures inconsistent with WTO rules, including indiscriminate raising of reciprocal tariffs and non-tariff measures," the statement said.
Brazilian Foreign Relations Minister Mauro Vieira told journalists the BRICS ministers had reached a consensus on the tariffs issue, saying it could be seen in the statement issued by the South American country.
He added that the nations were working to have a final joint statement at their July summit, also in Rio de Janeiro.
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Reference : https://www.ndtv.com/world-news/at-brics-summit-brazil-warns-against-protectionism-amid-trump-tariff-war-8290957#publisher=newsstand
