Brics

Brics nations have no interest in weakening US dollar: EAM Jaishankar

His remarks came a week after US President-elect Donald Trump had demanded that Brics member countries commit to not creating a new currency

US continues to exploit other economies for their benefit: Vladimir Putin

Addressing the VTB Investment Forum in Moscow on Wednesday, Putin said that the opponents of the US did a lot to undermine the fundamental basis of dollar as their international reserve currency

Any US tariffs on Brics nations could impact semiconductor supply: Malaysia

Trade minister Tengku Zafrul Aziz said Malaysia was closely monitoring developments after US President-elect Donald Trump said Brics members would face 100 per cent tariffs

Unclear if US law permits Trump's 100% tariff threat on Brics: Ex-RBI Guv

President-elect Donald Trump's warning that BRICS countries will face 100 per cent tariffs if they choose to move away from the US dollar is unclear to what extent he will carry out his threat, as it remains to be seen if the US law permits such an action, former RBI Governor Duvvuri Subbarao said on Monday. He also said even for BRICS, there are internal differences about bringing out an alternative to the US Dollar. The nine-member group that includes India, Russia, China, and Brazil, moving out of the US currency and having a common one remains a non-starter because of both politics and economics. "Donald Trump has threatened to slap 100 per cent tariffs on imports from countries that try to move out of the dollar. His ire was particularly directed at the BRICS bloc which has been actively talking about developing an alternative to the dollar. Trump is known to bark more than he bites," Subbarao told PTI. BRICS, formed in 2009, is the only major international group of which the

Trump threatens 100% tariff on Brics nations if they act to weaken dollar

President-elect Donald Trump on Saturday threatened 100 per cent tariffs against a bloc of nine nations if they act to undermine the US dollar. His threat was directed at countries in the so-called BRIC alliance, which consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. Turkey, Azerbaijan and Malaysia have applied to become members and several other countries have expressed interest in joining. While the US dollar is by far the most-used currency in global business and has survived past challenges to its preeminence, members of the alliance and other developing nations say they are fed up with America's dominance of the global financial system. The dollar represents roughly 58 per cent of the world's foreign exchange reserves, according to the IMF and major commodities like oil are still primarily bought and sold using dollars. The dollar's dominance is threatened, however, with BRICS' growing share of GDP and the alliance's

Oct's patrolling pact with China implemented with agreed timelines: Govt

The two sides reached the agreement on disengagement and patrolling in the last two friction points on October 21

Governance failures, poly-crisis highlight limits of global economic models

Economics must move out of the mathematical measurement boxes in which it has entrapped itself

Brics+ group expected to surpass G7 in global trade by 2026: EY India

The BRICS+ grouping of nations like India, China and Russia is rapidly increasing its share in global merchandise exports and imports and is expected to surpass G7 group by 2026, EY India said in its latest edition of EY Economy Watch. The share of BRICS+ group in global merchandise exports has increased from 10.7 per cent in 2000 to 23.3 per cent in 2023, an increase of 12.6 percentage points. On the other hand, the share of the G7 group in global exports has fallen by a margin of 16.2 percentage points from 45.1 per cent to 28.9 per cent over the same period. The share of the rest of the world has largely remained stable increasing only marginally from 44.2 per cent to 47.9 per cent during this period. This implies that largely it is the BRICS+ group which has replaced the G7 group in terms of share in global merchandise exports, the report said. A similar pattern is visible in the case of share in merchandise imports. While the share of BRICS+ group has increased from 7.2 per c

Brics+ share in merchandise exports can overtake G7 by 2026: EY India

The share of BRICS+ grouping in global merchandise exports can overtake the G7 bloc by 2026, EY India said on Wednesday. The October edition of EY Economy Watch reveals a significant shift in global trade dynamics, with the BRICS+ group rapidly increasing its share in merchandise exports and imports. From 2000 to 2023, the BRICS+ group's share of global merchandise exports has risen from 10.7 per cent to 23.3 per cent, marking an impressive increase of 12.6 percentage points. In contrast, the G7's share has seen a notable decline, dropping from 45.1 per cent to 28.9 per cent. Meanwhile, the rest of the world has maintained a relatively stable share, increasing slightly from 44.2 per cent to 47.9 per cent. G7 is a grouping of advanced economies -- the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. This trend highlights the growing prominence of the BRICS+ group in the global trade arena, suggesting a potential shift towards a multipolar global economi

Brics about enhancing voice of developing world: Russian ambassador Alipov

The remarks by Alipov came while addressing a press conference in New Delhi on Monday

PM Modi can influence conclusion of Russia-Ukraine conflict: Zelenskyy

Ukrainian President Volodymyr Zelenskyy has urged Prime Minister Narendra Modi to leverage India's influence to foster peace while adding that New Delhi can host Russia-Ukraine peace negotiations

Not easy to make Brics draft on international payment systems work

Brics's demand to reform the present financial system and global institutions and attempts to develop different payment mechanisms will get suitable support

Vietnam to work with Brics as PM Chinh meets with China, Russia leaders

Chinh fell short of stating Vietnam's explicit interest in joining the club, a move that could bring the Communist-run southeast Asian nation closer to China and Russia

Brics must avoid being an anti-West group as it grows, says PM Modi

Comments underscore PM Modi's challenge in trying to balance ties with Russia, which India relies on for cheap oil, and US, which is providing access to cutting-edge technology for manufacturing

PM Modi arrives in Delhi after attending Brics Summit in Russia's Kazan

Prime Minister Narendra Modi also met several world leaders, including Chinese President Xi Jinping, Russian President Vladimir Putin and UAE President Sheikh Mohamed bin Zayed Al Nahyan

Jaishankar meets Indonesian counterpart in Kazan, discusses strategic ties

Jaishankar accompanied PM Modi to the 16th Brics Summit in Kazan, hosted by Russian President Vladimir Putin, brings together leaders from Brics member countries to address pressing global issues

India's economic growth an example for many Brics nations, says Putin

Russian President Vladimir Putin on Wednesday lauded India's economic growth, saying the country serves as an example for many BRICS nations. Putin made the remarks in his address at the 16th BRICS Summit in the Russian city of Kazan, where he thanked Prime Minister Narendra Modi for his participation in the three-day summit. "All of us talk about the need to ensure high economic growth rates; you (Modi) manage to do this successfully," Putin was quoted as saying by the state-run TASS news agency. "We congratulate you on these results 7.5% growth; this is an example for many of us, he noted. Thank you for your initiatives, Putin added. India's economy is expected to be 7 per cent this year and 6.5 per cent in 2025. BRICS, consisting of Brazil, Russia, India, China and South Africa, has now expanded with five additional members - Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. Putin's remarks came as a senior official from the International Monetary Fund said that India remains

In meet with Xi, Modi welcomes pact for 'complete disengagement' along LAC

Meeting on margins of 16th Brics Summit, PM Modi and President Xi agree to stabilise and rebuild India-China bilateral relations

Brics calls for ceasefire in Gaza, denounces Israel for 'mass killings'

Leaders from BRICS countries on Wednesday called for an immediate, permanent ceasefire in Gaza Strip and the release of hostages from "both sides", while denouncing Israel for its military offensive that has led to mass killings of civilians in that territory. The escalating conflict in West Asia figured prominently in the Kazan Declaration, adopted by the leaders who participated in the 16th summit of the group in this Russian city. BRICS includes Iran which faces possible retaliation from Israel after it launched a barrage of ballistic missiles at the Jewish nation on October 1. Brazil, Russia, India, China and South Africa were the initial members of the group, which has now expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The declaration specifically condemned the Israeli airstrike on Iran's consulate in Syria in April that killed officers of the Islamic Revolutionary Guard, among others. We reiterate our grave concern at the deterioration

PM Modi leaves for India after attending 16th Brics summit in Russia

Prime Minister Narendra Modi on Wednesday left for home after wrapping up his two-day "impactful" visit to Russia where he attended the 16th BRICS Summit and held bilateral meetings with Russian President Vladimir Putin and Chinese President Xi Jinping. "PM @narendramodi wraps up an impactful visit to Kazan and emplanes for New Delhi," the Ministry of External Affairs (MEA) posted on X. Modi arrived in the heritage city of Kazan on Tuesday for the BRICS Summit. He was warmly received by the Head of the Republic of Tatarstan Rustam Minnikhanov. In his address at the BRICS Summit on Wednesday, Prime Minister Modi said India supported dialogue and diplomacy and not war and called for resolution of the Russia-Ukraine conflict through peaceful negotiations. Modi also flagged concerns over pressing challenges such as wars, economic uncertainty, climate change and terrorism and said the BRICS can play a positive role in taking the world on the right path. The prime minister strongly pitc