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Following a meeting in Rio de Janeiro, the BRICS foreign ministersārepresenting South Africa, Saudi Arabia, Brazil, China, Egypt, UAE, Ethiopia, Indonesia, India, Iran, and Russiaāconcluded without issuing a joint declaration due to a lack of consensus, as stated by Brazilian Foreign Minister Mauro Vieira.
Instead, the Brazilian presidency released a statement noting the ministersā shared emphasis on expanding the use of local currencies in trade and financial settlements within the bloc and with partners. While discussions on de-dollarizing trade progressed cautiously, the topic sparked tensions, especially in light of former U.S. President Donald Trumpās threats of imposing 100% tariffs if the bloc continued down that pathāa stance raised during last yearās summit in Kazan, Russia.
Russian Foreign Minister Sergei Lavrov cautioned that it was still āpremature to discuss the transition to a single currencyā within BRICS.
The statement also reaffirmed the ministersā unified commitment to strengthening the World Trade Organization (WTO), described as the sole institution capable of setting global trade rules. They voiced strong concern over the rise of unilateral protectionist measures that violate WTO norms, such as indiscriminate tariff and non-tariff increases.
Despite differences, the group achieved full consensus on trade-related disputes and tariffs, emphasizing the need to defend free trade and the multilateral system. On climate issues, ministers called for countries to uphold their obligations under the Paris Agreement and to intensify efforts to fight climate change.
#BRICS2025 #DeDollarization #FreeTrade #ClimateCommitment