At the 15th Meeting of BRICS Trade Ministers held in Brasilia, the group reaffirmed its commitment to strengthening the multilateral trading system through the adoption of the “Declaration on WTO Reform and Strengthening the Multilateral Trading System.”
The declaration highlights the need for reforming the World Trade Organization (WTO) to better reflect today’s global economic realities, with a focus on sustainability, data governance, and a strategic vision through 2030.
The BRICS nations—which now include Brazil, Russia, India, China, South Africa, Egypt, UAE, Saudi Arabia, Ethiopia, Iran, and Indonesia—emphasized their opposition to protectionism disguised as environmental policy, warning it could disrupt global trade and worsen economic disparities.
As the declaration states, “the multilateral trading system has long been at a crossroads,” urging for cooperation rather than unilateral restrictions.
Brazil’s Vice President and Minister of Development, Industry, Trade and Services, Geraldo Alckmin, expressed optimism:
“Today, we are not only gathered around negotiation tables but also around the possibility of a more prosperous future. I have full confidence that our discussions, guided by cooperation and commitment to the common good, result in significant advances for global trade and investment.”
While BRICS pushes for inclusive and transparent trade reforms, tensions escalate elsewhere. In contrast, U.S. President Donald Trump threatened to impose a 50% tariff on European Union goods starting June 1, citing unfair trade practices and a growing trade deficit with the EU.
Trump stated on Truth Social that the EU “has been very difficult to deal with,” criticizing barriers such as VAT and corporate penalties.
This divergence between BRICS’ multilateral approach and the U.S.’s confrontational trade rhetoric signals a growing divide in global trade strategies—one seeking cooperation and reform, the other favoring protectionist measures. The coming months will reveal how these competing visions shape the future of international commerce.
