Leaders of the world’s five major emerging economies (BRICS) have slammed protectionism at the G20 summit in Argentina amid threats by the US president to intensify tariffs on China and press ahead with anti-Russia sanctions.
The 10th BRICS summit (July 25-27, 2018) has just concluded in Johannesburg, South Africa. South African President Cyril Ramaphosa hosted China’s President Xi Jinping, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and Brazilian President Michel Temer.
The New Development Bank (NDB), set up by the BRICS group of major emerging economies, wants loans to the private sector to eventually take up a 30 percent share of its project portfolio, a senior executive at the bank said on Tuesday.
The BRICS countries are considering starting an internal gold trading platform, according to Russian officials. When this happens, the global economy will be significantly reshaped, and the West will lose its dominance, predicts a precious metals expert.
Russia has unveiled a plan based on which the BRICS countries – Brazil, Russia, India, China and South Africa – will create a single gold trading system. The move is already seen as part of a campaign led by Russia and China to move away from the US dollar in international trade.
Pakistan on Tuesday rejected a statement by the five emerging-market BRICS powers that militant groups in Pakistan pose a regional security concern, with its defense minister saying no group operates freely inside Pakistan.
The world’s five major rising economies have expressed support for the 2015 nuclear agreement between Iran and the P5+1 group of countries, urging all parties to live up to their commitments under the deal.
China and India may have ended a tense border standoff for now, but their longstanding rivalry raises questions about the possibility of meaningful cooperation at an upcoming summit of major emerging economies.
China is taking an increasingly tough line on a border row with India amid a rising crescendo of nationalism in state media, and President Xi Jinping looks set for an awkward encounter with Prime Minister Narendra Modi at a multilateral summit next month.
The heads of state of Brazil, Russia, India, China and South Africa, which constitute the BRICS emerging countries, have called for the implementation of the Paris Agreement on climate despite opposition from the United States.