As global trade tensions escalate, Chinese Foreign Minister Wang Yi emphasized the urgency of strengthening multilateral cooperation to address systemic inequities during the BRICS Foreign Ministers’ Meeting in Rio de Janeiro. Wang outlined China’s vision to reform global governance institutions, counter protectionism, and prioritize the needs of the Global South through platforms like BRICS, which has recently expanded to include emerging economies such as Iran, Ethiopia, and the UAE.
Wang criticized unilateral tariffs imposed by the U.S., describing them as detrimental to global economic stability. He argued that such measures undermine free trade principles and disproportionately harm developing nations. Citing IMF projections, the article notes that recent U.S. tariffs could reduce American economic growth by nearly 1% by 2025, highlighting risks to both global and domestic markets.
BRICS’ growing influence was framed as a force for inclusivity, with initiatives like the New Development Bank and Contingent Reserve Arrangement positioning the bloc as a complement to traditional financial institutions. Wang underscored the group’s alignment with UN goals, including climate action and bridging the digital divide, while reiterating calls for reformed representation in bodies like the IMF and World Bank.
The expansion of BRICS, now encompassing 10 members, signals a strategic shift toward empowering emerging economies to shape global governance. Analysts view this as a response to widening disparities in the current international order, with Wang advocating for consensus-driven solutions to challenges ranging from energy transitions to regional security in the Middle East.
