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Inviting leaders from 22 emerging and developing countries, including 19 African countries, made the BRICS Summit in Johannesburg an even more important platform for demonstrating that the developing world and emerging economies in their own right. together, as well as many These countries are strongly opposed to Donald Trump's trade protectionist trade policies and import tariffs.
The US administration has imposed high tariffs on imports from many economies, including China. Some economies, including China, India and Russia, have been forced to impose additional duties on US imports. And Brazil is worried about US tariffs on its steel products, even though its farmers may benefit from increased exports of agricultural products to China.
A number of South African companies producing steel for the US market, including ArcelorMittal South Africa, Hulamin, a company that supplies aluminum products for Tesla vehicles from Elon Musk, is also very concerned about US tariffs.
In addition, the International Monetary Fund recently warned that the response of its trading partners could boost global growth by 0.5 percentage point by 2020. But the Trump administration has almost ignored this warning.
However, US trade policies brought member states closer to the BRICS, and prompted them to try to unite emerging and developing economies to oppose US policies, as evidenced by the statement issued at the top of the BRICS.
Trump's trade policies also prompted the BRICS (Brazil, Russia, India, China and South Africa) to accelerate the construction of a platform for new instrumental dynamism and deep integration with D & # 's 39, other emerging and developing economies. The five member states of the group, for example, have decided to increase intra-BRICS trade and reduce tariffs in relation to each other, because they have a collective interest in promoting free trade.
The BRICS group has made remarkable progress in areas such as finance, trade, agriculture, science, security and academic dialogue. The creation of the BRICS Development Bank and a business forum are two of his most important achievements. BRICS members have already discussed greater financial integration and facilitation of investment, including settlement of transactions and direct investment in local currencies, in accordance with the mandates of their respective central bank [19659009]. facilitate investment between Member States. South Africa, more broadly Africa, can benefit from increased trade and investment with fast-growing BRICS countries such as China and India, as the BRICS account for more than 40% of the world's population. The theme of the Johannesburg Summit, "The BRICS in Africa: A Collaboration for Inclusive Growth and Shared Prosperity in the Fourth Industrial Revolution" indicates that the BRICS is committed to leading the development of the next generation. India has promised that it would like to work with the BRICS on the issue of the Fourth Industrial Revolution to jointly prepare best practices and policies in this regard.
In addition, the Johannesburg summit provided a platform for members of the BRICS sidelines Russian President Vladimir Putin met with his Turkish counterpart Recep Tayyip Erdogan in Johannesburg on July 26 to discuss trade and business. ;other questions. And China and India have had discussions on trade issues, especially because both have been at the origin of US tariffs and trade restrictions. In fact, both parties pledged to defend the framework and rules of the World Trade Organization
. Trump pursuing protectionism and unilateralism against the global trend of multilateralism and economic globalization, the fate of international agreements seems besieged. In such circumstances, the BRICS are perhaps one of the most important blocs that openly oppose protectionism and promote globalization and free trade, in principle as in action, and so are the force the most powerful against American unilateralism. The author is a researcher and director of the US Division of Economic Studies at the Institute of American Studies of Chinese Institutes of Contemporary International Relations.
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