JOHANNESBURG: Leaders of the BRICS rising economies -- Brazil, Russia, India, China and South Africa -- will meet in Johannesburg this week, with the threat of a worsening world trade struggle topping the schedule.
US President Donald Trump's hardening stance has compounded fears of an all-out trade struggle after he slapped levies on goods from China value tens of billions of dollars in addition to tariffs on steel and aluminium from the EU, Canada and Mexico.
Russian President Vladimir Putin, China's President Xi Jinping and Indian Prime Minister Narendra Modi will attend the annual three-day summit opening in Johannesburg on Wednesday.
Earlier this month, China stated that it might step up cooperation with other developing international locations like the BRICS grouping to counter "trade protectionism".
China on Monday rejected accusations through Trump that it used to be manipulating the yuan to provide its exporters an edge, saying Washington seemed "bent on provoking a trade war".
Trump has stated he is ready to impose tariffs on all $500 billion of China imports, complaining that China's trade surplus with the USA is because of unfair foreign money manipulation.
"As to the US being bent on provoking a trade war, China does not want a trade war but is not afraid," China's overseas ministry spokesman stated when requested about Trump's threat to impose the across-the-board tariffs on Chinese goods.
Russian Economy Minister Maxim Oreshkin stated final week forward of the Johannesburg meeting that "this summit is about the context -- we are at a time when the US and China announce new measures almost every week".
He stated much of the discussions with China would most probably focal point on what is going on with the United States.
"This is a trade war, so leaders' discussions are particularly important in coordinating our positions," stated Oreshkin.
Sreeram Chaulia, of the Jindal School of International Affairs outside Delhi, stated BRICS leaders would "concur that the US has unleashed punitive trade wars that are hurting all the BRICS members".
"They have a collective interest in promoting intra-BRICS trade. The urgency this time is greater," he stated.
The BRICS staff, comprising greater than 40 % of the worldwide inhabitants, represents one of the vital biggest rising economies, but has struggled to discover a unified voice -- in addition to reaching sharply different enlargement charges.
Analysts say US trade policy may give the gang some renewed momentum.
"Trade agreements between associations of countries like BRICS have become increasingly important given the self-seeking, and ultimately short-sighted, barriers to trade that are being instigated by the US," Kenneth Creamer, an economist at Johannesburg's Wits University, instructed AFP.
"South Africa, and Africa more broadly, can benefit from increasing exports to fast growing countries like India and China. BRICS has the strategic potential to re-shape world trade."
The trade struggle possibility additionally ruled a meeting of Group of 20 finance ministers and central bankers at the weekend in Buenos Aires, while International Monetary Fund leader Christine Lagarde once more spoke out against the tit-for-tat tariffs.
China's President Xi used to be because of hold bilateral talks with South African Cyril Ramaphosa on Tuesday after visiting Senegal and Rwanda as part of a whistlestop excursion to cement relations with African allies.
Signalling diplomatic contention over affect in Africa, India's Narendra Modi is visiting Rwanda and Uganda on his personal five-day excursion of the continent together with the BRICS summit.
Turkish leader Recep Tayyip Erdogan may also attend a summit as the current chair of the Organisation of Islamic Cooperation (OIC). Erdogan will reportedly meet Putin at the summit's sidelines.
1European Commission leader Jean-Claude Juncker travels to Washington on Wednesday to meet Trump as part of the EU's effort to go off a trade struggle.
US President Donald Trump's hardening stance has compounded fears of an all-out trade struggle after he slapped levies on goods from China value tens of billions of dollars in addition to tariffs on steel and aluminium from the EU, Canada and Mexico.
Russian President Vladimir Putin, China's President Xi Jinping and Indian Prime Minister Narendra Modi will attend the annual three-day summit opening in Johannesburg on Wednesday.
Earlier this month, China stated that it might step up cooperation with other developing international locations like the BRICS grouping to counter "trade protectionism".
China on Monday rejected accusations through Trump that it used to be manipulating the yuan to provide its exporters an edge, saying Washington seemed "bent on provoking a trade war".
Trump has stated he is ready to impose tariffs on all $500 billion of China imports, complaining that China's trade surplus with the USA is because of unfair foreign money manipulation.
"As to the US being bent on provoking a trade war, China does not want a trade war but is not afraid," China's overseas ministry spokesman stated when requested about Trump's threat to impose the across-the-board tariffs on Chinese goods.
Russian Economy Minister Maxim Oreshkin stated final week forward of the Johannesburg meeting that "this summit is about the context -- we are at a time when the US and China announce new measures almost every week".
He stated much of the discussions with China would most probably focal point on what is going on with the United States.
"This is a trade war, so leaders' discussions are particularly important in coordinating our positions," stated Oreshkin.
Sreeram Chaulia, of the Jindal School of International Affairs outside Delhi, stated BRICS leaders would "concur that the US has unleashed punitive trade wars that are hurting all the BRICS members".
"They have a collective interest in promoting intra-BRICS trade. The urgency this time is greater," he stated.
The BRICS staff, comprising greater than 40 % of the worldwide inhabitants, represents one of the vital biggest rising economies, but has struggled to discover a unified voice -- in addition to reaching sharply different enlargement charges.
Analysts say US trade policy may give the gang some renewed momentum.
"Trade agreements between associations of countries like BRICS have become increasingly important given the self-seeking, and ultimately short-sighted, barriers to trade that are being instigated by the US," Kenneth Creamer, an economist at Johannesburg's Wits University, instructed AFP.
"South Africa, and Africa more broadly, can benefit from increasing exports to fast growing countries like India and China. BRICS has the strategic potential to re-shape world trade."
The trade struggle possibility additionally ruled a meeting of Group of 20 finance ministers and central bankers at the weekend in Buenos Aires, while International Monetary Fund leader Christine Lagarde once more spoke out against the tit-for-tat tariffs.
China's President Xi used to be because of hold bilateral talks with South African Cyril Ramaphosa on Tuesday after visiting Senegal and Rwanda as part of a whistlestop excursion to cement relations with African allies.
Signalling diplomatic contention over affect in Africa, India's Narendra Modi is visiting Rwanda and Uganda on his personal five-day excursion of the continent together with the BRICS summit.
Turkish leader Recep Tayyip Erdogan may also attend a summit as the current chair of the Organisation of Islamic Cooperation (OIC). Erdogan will reportedly meet Putin at the summit's sidelines.
1European Commission leader Jean-Claude Juncker travels to Washington on Wednesday to meet Trump as part of the EU's effort to go off a trade struggle.
Trade war risk to dominate BRICS summit in South Africa
![Trade war risk to dominate BRICS summit in South Africa]()
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July 25, 2018
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