Jinshu (BRICS) countries began their summit in Rio de Janeiro on Sunday, seeking to counter U.S. President Trump's protectionism, although they may avoid directly criticizing him.

AFP reported from the local area that BRICS countries held a two-day meeting in a highly secure environment on the beautiful Guanabara Bay, with members now including Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates after last year's expansion. Now, the leaders of these 11 countries see their annual meeting affected by the trade war initiated by the U.S. president.

Calls for Reform of the International Monetary Fund

On Saturday, BRICS finance ministers issued a joint statement calling for reforms of the International Monetary Fund, including the reallocation of voting rights and ending the traditional European dominance in leadership positions.

According to Reuters, this joint statement marks the first time that this group of countries has reached a unified position on proposed IMF reforms.

The IMF will hold a review meeting in December to discuss modifying the quota system that determines member contributions and voting rights. The joint statement said that BRICS countries agreed to support this common proposal at the meeting.

The statement said, "Quota adjustments should reflect the relative position of member countries in the global economy, while protecting the quota proportion of the poorest member countries." The statement also called for an increase in quotas for developing countries.

A Brazilian official involved in the negotiations indicated that BRICS finance ministers called for the IMF to adopt a new formula based on economic output and purchasing power, taking into account the relative value of currencies to better represent low-income countries.

The statement also confirmed discussions on establishing a multilateral guarantee mechanism for the New Development Bank of BRICS. This bank, jointly funded by BRICS countries, aims to reduce financing costs for developing countries and promote investment.

According to a draft statement obtained by AFP on Saturday, BRICS leaders are expected not to name U.S. President Trump in condemning his trade tariff measures, emphasizing that such measures "threaten the global economic development outlook."

BRICS countries account for nearly half of the world's population and 40% of global GDP, clearly targeting U.S. President and the surge in punitive tariffs.

However, they avoided mentioning Donald Trump's name because many countries, including China, the dominant force in this emerging country group, are negotiating with Washington on this issue.

AFP stated that as the latest episode in a long story, Trump announced on Friday that he had signed letters to U.S. trade partners regarding tariffs. However, Trump refused to reveal which countries the letters were sent to, saying that the list would be made public only on Monday, leaving the outside world unable to determine whether these are all countries that failed in negotiations.

Violent Cycle

There is concern about Russian President Putin, who has been issued an arrest warrant by the International Criminal Court for alleged war crimes in Ukraine, missing the summit. However, according to the Kremlin, he will speak via video conference.

AFP pointed out that the recent 12-day war between Iran and Israel also overshadowed this meeting. Iran was represented at the summit by its foreign minister, Alaghchi.

A source involved in the discussion stated that negotiators reached a consensus on how to mention this issue in the final declaration on Saturday.

Tehran hopes that BRICS will strengthen the tone, but the document will maintain the same wording as the statement issued by the group in June.

At that time, BRICS condemned the "military attack" on Iran but did not mention Israel and the United States, and believed that "it is urgent to break the cycle of violence and restore peace."

Alternative to the Dollar

The purpose of the BRICS group is to benefit the "Global South."

In addition to geopolitical issues, the group also tries to establish its economic influence. In recent years, the idea of using a dollar alternative for trade within the group has been raised.

However, Dilma Rousseff, former president of Brazil and head of the BRICS Bank, said on Saturday that she does not see "the possibility of this happening," saying, "Today, no one is willing to replace the U.S. position."

This situation seems even less likely now, as Donald Trump threatens to impose 100% tariffs on countries that challenge the U.S. dollar's international dominance.

Brazil will host the UN Climate Change Conference COP30 in the Amazon city of Belém in November, hoping to reach a consensus on addressing climate change.

In addition to the expected final statement, documents on climate, artificial intelligence, and health cooperation will also be released.

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