Brics says no to trade barriers

The meeting of the economic ministers of the body that brings together Brazil, Russia, India, China and South Africa was held in Moscow and recently expanded to include Egypt, Iran, Ethiopia and the United Arab Emirates. Common criticism of "green protectionism" while talks continue on "an inclusive system of faster and cheaper interstate payments".

Moscow (AsiaNews) - The economy and trade ministers of the Brics countries have met in Moscow, agreeing on a common position within the World Trade Organisation (WTO).

The ministers assessed the customs conditions of their mutual relations, with the intention of cancelling taxes on technology deliveries to each other's markets, as a Kommersant report explains, illustrating the dimensions of the trade union of Brazil, Russia, India, China and South Africa, which has been underway for 15 years and which other countries such as Egypt, Iran, Ethiopia and the United Arab Emirates have joined.

Russian Economy Minister Maksim Rešetnikov, who led the Russian delegation, stated that 'many countries are concerned about the raising of trade barriers with the justification of the defence of national security interests'.

The final communiqué states that 'the Brics countries oppose the anti-competitive trade measures, which damage 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 makes any procedure of technology export and related payments very difficult.

The agreements reached in the Moscow talks presuppose that the representatives of the Brics countries will start a procedure to compare positions on these issues, with the revision of the arbitration mechanisms against the WTO, whose appeal tribunal does not function properly due to a shortage of judges, whose appointment was blocked by the US. In fact, the appeals have not been resolved since 2019.

The greatest harmony between the countries of the 'alternative' union occurs on climate issues, in the common criticism of 'green protectionism', and they declare themselves ready to represent this position not only before the World Trade Organisation, but in all other international bodies.

As the head of the Trade Negotiations Department, Ekaterina Majorova, explains, 'disputes in the WTO are becoming more and more complicated, and the agreement of Brics positions can strengthen the ability to achieve results'. In particular, the most disputed issue at the moment is the conversion of plastics, which is being addressed at the UN level.

The final document highlights the fact that the Brics countries are among the main holders of natural resources, including those 'critical' and most needed today, which can be fed into trade chains to achieve a leading position in green energy globally. The Brics view with considerable scepticism the EU's efforts to gain access to these resources, in its various trade negotiations in all directions.

They also note the need to join forces to more actively develop logistical solutions for trade routes, with 'economic and legal stimuli for the realisation of joint industrial projects and investments', with technology exchange 'for the structural transformation and industrialisation of all Brics-related countries', integrating regional connections with various transport options.

Particularly delicate are the issues of financing, for which 'a faster and cheaper inclusive system of interstate payments' is needed, and on this the contents of the Moscow negotiations have been kept in the strictest secrecy.

The President of the Russian Central Bank, Elvira Nabiullina, did, however, observe at the press conference that 'the process of achieving these results will not be short', and new 'digital' share issues 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.

• Brics
• WTO
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• Moscow