A meeting of economic ministers of the body that brings together Brazil, Russia, India, China and South Africa, recently expanded to include Egypt, Iran, Ethiopia and the United Arab Emirates, was held in Moscow. Common criticism of “green protectionism” while talks continue on “an inclusive system of faster and cheaper interstate payments”…
Moscow () – The economic and trade ministers of the BRICS countries met in Moscow and agreed on a common position within the World Trade Organisation (WTO). The ministers assessed the customs conditions of their mutual relations, with the intention of eliminating taxes on the delivery of technology to each other’s markets, according to a report by Kommersant, which illustrates the dimensions of the trade union of Brazil, Russia, India, China and South Africa, which has been in place for 15 years and which has been joined by other countries such as Egypt, Iran, Ethiopia and the United Arab Emirates.
Russian Economy Minister Maksim Rešetnikov, who headed the Russian delegation, said that “many countries are concerned about the rise of trade barriers under the justification of defending national security interests.” The final statement states that “the BRICS countries oppose anti-competitive trade measures, which harm the process of industrialisation and economic modernisation of various countries,” and also speak out “against the increasingly complex restrictions” that are being decided against various companies and businesses, which greatly complicate any procedure for exporting technology and related payments.
The agreements reached at the Moscow talks presuppose that representatives of the BRICS countries will initiate a procedure to confront positions on these issues, with the review of the arbitration mechanisms against the WTO, whose appeal court does not function properly due to the shortage of judges, whose appointment was blocked by the US. In fact, the appeals have not been resolved since 2019.
The countries of the “alternative” union are most in agreement on climate issues, in their common criticism of “green protectionism”, and they declare themselves ready to represent this position not only at the World Trade Organisation, but also in other international organisations. As the head of the Trade Negotiations Department, Ekaterina Majorova, explains, “disputes at the WTO are becoming more and more complicated, and the agreement of the positions of the BRICS can strengthen the ability to achieve results.” In particular, the most disputed issue at the moment is the conversion of plastics, which is being dealt with at the UN.
The final document underlines the fact that the BRICS countries are among the main holders of natural resources, including the “critical” and most needed ones today, which can be introduced into trade chains to achieve a leading position in green energy at a global level. The BRICS view with considerable scepticism the EU’s efforts to access these resources, in its various trade negotiations in all directions.
They also point to the need to join forces to more actively develop logistics solutions for trade routes, with “economic and legal incentives for the implementation of industrial projects and joint investments,” with technology exchange “for the structural transformation and industrialization of all countries related to the BRICS,” integrating regional connections with various transport options.
Particularly sensitive are the issues of financing, which require “an inclusive system of faster and cheaper interstate payments,” and the content of the Moscow negotiations on this subject has been kept strictly secret. However, the head of the Russian Central Bank, Elvira Nabiullina, noted at the press conference that “the process of achieving these results will not be short,” and new issues of “digital” shares will be necessary – a procedure for which both Russia and China are still at the stage of “pilot projects” that cannot be immediately translated into economic carriers.
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