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BRICS Leaders Condemn Tariffs and Strengthen Use of Local Currencies

Brics condena tarifas e fortalece uso de moedas locais
Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional DevelopmentSustainable Development

Source: O Tempo | Original Published At: 2026-09-12 19:12:14 UTC

Key Points

  • BRICS leaders approved the New Delhi Declaration, condemning unilateral tariffs and trade barriers and agreeing to deepen the use of local currencies in trade and investment.
  • The declaration states that the multilateral trade system is at a critical crossroads and warns that rising tariffs disproportionately affect developing countries and threaten global supply chains.
  • BRICS criticized unilateral economic sanctions and secondary sanctions not authorized by the UN Security Council, while calling for reforms of the IMF, World Bank, and WTO.
  • The bloc reinforced integration of national payment systems and asked the New Development Bank to expand local-currency financing for infrastructure and sustainable development projects.
  • BRICS recognized progress on payment interoperability but did not adopt a common currency, favoring gradual alternatives to developed-economy-dominated financial structures.
  • The declaration added artificial intelligence to the bloc's economic agenda, promoting international cooperation to expand access while ensuring security, inclusion, reliability, and energy efficiency.
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