The BRICS trade ministers have approved this week the “declaration on WTO reform and the strengthening of the multilateral trade system”. This is a document in which the group reaffirms its commitment to strengthen the multilateral trade system. In addition, the proposal plans to reform the World Trade Organization (WTO). This statement also addresses issues such as data governance, sustainability and strategies until 2030. During this time, the President of the United States, Donald Trump, again threatened the European Union (EU) with a 50 % tax from June 1.
In short
- The BRICS approve a document in defense of multilateral trade.
- The group also offers a reform of the WTO.
- The declaration provides for data governance.
- The text offers sustainable development and strategic update until 2030.
- Brittlely BRICS, Donald Trump suggests a 50 % EU taxation in June.
BRICS defend the multilateral trade system
The BRICS adopted the “declaration on WTO reform and the strengthening of the multilateral trade system”. This document was published after the 15th meeting of the BRICS trade ministers, which took place at the Itamaraty Palace, in Brasília (DF), the capital of Brazil.
Adoption of the document intervenes In the wake of the Brazilian presidency of the group of the 11 countries that make up the BRICS (Brazil, Russia, India, China, South Africa, Egypt, United Arab Emirates, Saudi Arabia, Ethiopia, Iran and Indonesia). Despite this, the BRICS remains cautious in the face of the dissociation of the dollar.
The declaration stresses that “The multilateral trade system has long been at a crossroads”. Because the document rejects the proliferation of measures which restrict international trade, in particular by the indiscriminate increase in prices and non -tariff measures.
The text denounces protectionism disguised as environmental objectives, believing that this set of barriers could further reduce global trade, interrupt supply chains and introduce uncertainties in international economic and commercial activities. This could worsen existing economic disparities and affect the prospects for global economic development.
It was also the evaluation of Geraldo Alckmin, Minister of MICDI (Ministry of Development, Industry, Trade and Services). Alckmin, who is also the vice-president of Brazil, added:
Today, we are not only gathered around negotiation tables, but around the possibility of a more prosperous future. I have total confidence that our discussions, based on cooperation and commitment to the common good, lead to significant advances for world trade and investment.
WTO reform
The ministers also approved the BRICS declaration for the WTO reform and the strengthening of the multilateral trade system. For group countries, this reform is necessary to reflect changes in the global economy, the BRICS representing 39% of the world economy and 24% of international trade, according to the declaration.
According to Yashvir Singh, economic consultant at the Ministry of Commerce and Industry of India, the declaration underlines the importance of promoting an inclusive, fair, transparent and non -discriminatory multilateral trade system based on rules.
As the main reforms are not easily implemented, in particular the restoration of the WTO call body, we have proposed certain incremental reforms to improve the functioning of the organization, committees and advice of organization.
Yashvir Singh
In the declaration, the BRICS trade ministers express their concern in the face of the increase in unilateral tariff and non -tariff measures, because they distort trade and are incompatible with the WTO rules.
Data governance
Countries also recognize the need for a common data governance framework, including cross -border flows, to deal with the principles of collection, registration, storage, organization, processing and transfer of data; By promoting the interoperability of national regulations and by distributing monetary and non -monetary profits between developing countries and their citizens.
Among the objectives of countries are: promoting secure access to technology, protecting individual and national interests, stimulating the digitization of industry and services, extending intra-brick trade and encouraging cooperation for an open, inclusive, sustainable, fair, reliable and reliable digital future.
Sustainable development and strategy until 2030
Another point of the declaration was the creation of a platform dedicated to compliance with the rules of the multilateral trade system, with regard to the connection between trade and environmental policy, exploring their synergies as motors of sustainable development and effective actions to ensure the integrity of the global environmental system.
The updated strategy will focus on priority actions and guiding principles in five areas: multilateral trade system; Digital economy; International trade and investments; Financial cooperation; and trade and sustainable development.
The discussions to finalize the “Strategy for the BRICS 2030 Economic Partnership” continue, for adoption by the leaders at the BRICS summit, which will be held in the city of Rio de Janeiro on July 6 and 7.
Trump threatens the EU with a 50 % tax
In the United States, President Donald Trump used the social social network to suggest a taxation of 50 % on European Union products (EU) from June 1.
According to the Republican, the block “Was formed with the main aim of exploiting the United States in the trade, and it was very difficult to manage.” He also said that the EU trade barriers, VAT [Taxe sur la valeur ajoutée]ridiculous corporate penalties, non-monetary trade barriers, monetary manipulations, unjust and unjustified trials against American companies, among others, have led to a trade deficit with the United States of more than $ 250 million per year, a completely unacceptable amount “.
In Fox News, the Treasury Secretary, Scott Bessent, said that “EU proposals do not have the same quality as we have seen from our other important business partners” .
I will not negotiate on television, but I hope it will set fire to the EU.
Trump's publication and Bessent's statements were accompanied by a drop in the US stock market. In this case, the S&P 500 closed the session from Friday (23) to 5,802.82 points (-0.67 %). Bitcoin (BTC) also seemed to reflect this impact by backing up to $ 108,900 (-2.1 %), but with a cumulative weekly increase at the time.
The drop in bitcoin could be considered discreet, because the newcomers from the United States coincided with the approach of the weekend and the possible restitution of winnings of the last days. In the same way, the new historic BTC summit above $ 111,000 occurred without enthusiasm of the Crypto market.
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