Foreign ministers from the BRICS group of countries began their meetings in Rio de Janeiro on Monday, as part of efforts to strengthen the defense of multilateralism amid the escalating trade war waged by US President Donald Trump, particularly against China, the group’s most prominent economic power.
The meetings will continue for two days in preparation for the upcoming summit of heads of state, scheduled to be held in Rio de Janeiro on July 6 and 7.
This year, Brazil holds the rotating presidency of the bloc, which includes China, Russia, India, and South Africa, as well as Saudi Arabia, Egypt, the UAE, Ethiopia, Indonesia, and Iran—a significant expansion of the group that reflects its growing stature.
The BRICS meetings come at a critical time for the global economy, with the International Monetary Fund lowering its global growth forecast to 2.8 percent this year, impacted by Trump’s tariff campaign and retaliatory measures.
The BRICS group is seeking to reach a declaration affirming the importance of the multilateral trading system in confronting unilateral policies, according to Mauricio Lirio, Brazil’s chief negotiator.
“Countries aim to establish themselves as defenders of rules-based trade, regardless of the source of the threats,” Lirio told reporters.
It is noteworthy that the BRICS group represents approximately half of the world’s population and 39 percent of global GDP, giving it increasing influence on the international economic scene.
Alternative currencies and the dominance of the dollar
Another sensitive issue expected to be discussed is the issue of transactions in local currencies instead of exclusive reliance on the US dollar, an issue that was strongly raised during the recent BRICS summit in Kazan, Russia.
Trump has threatened to impose 100 percent tariffs on countries that attempt to undermine the dollar’s international dominance, making this a highly sensitive issue in BRICS discussions.
Nine more countries associated with the group are scheduled to join the BRICS discussions on Tuesday, indicating the bloc’s expanding regional and international influence in shaping the new world order.
