Leaders from the BRICS bloc - Brazil, Russia, India, China and South Africa - are meeting on a three-day summit South Africa's Johannesburg for the first time since the Trump administration in the US said it was ready to impose tariffs on all Chinese imports, a move economists say could also hurt smaller countries like South Africa, Al-Jazeera reports.
"A trade war should be rejected because there will be no winner," Chinese President Xi Jinping said at the opening of the 10th BRICS summit of emerging economies in South Africa's main city, Johannesburg.
President Xi is urging the leaders of developing economies to work together, in the face of threats of tariffs by US President Donald Trump.
Russia is pushing for better business ties between counterparts in the informal BRICS club of nations, President Vladimir Putin said, the Bloomberg reported.
“Strengthening trade and investment ties with BRICS partners is one of the priorities,” Putin said at the annual summit of the five-nation group in Johannesburg Thursday. The country’s trade turnover with Russia, India, China and South Africa exceeded $102 billion last year and “we intend to do everything possible for further trade growth within BRICS,” he said.
Besides, the BRICS leaders are bracing for a day of protests by a coalition of environmentalists, trade unions and communities from various parts of the world on day two of their summit in Sandton.
The Break the BRICS Coalition plans to march to the convention center to submit a memorandum to representatives as part of its campaign against what it calls the capitalistic nature of BRICS.