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BRICS Trade Ministers approved this week the “Declaration on WTO Reform and Strengthening the Multilateral Trading System.” This document reinforces the group’s commitment to strengthening the multilateral trading system. Furthermore, the proposal includes the reform of the World Trade Organization (WTO). This declaration also addresses issues such as data governance, sustainability, and strategies until 2030. Meanwhile, the President of the United States, Donald Trump, again threatened the European Union (EU) with a 50% tariff starting June 1st. The BRICS adopted the “Declaration on WTO Reform and Strengthening the Multilateral Trading System.” This document was released after the 15th Meeting of BRICS Trade Ministers, held at the Itamaraty Palace in Brasilia (DF), Brazil’s capital. The adoption of the document takes place amid Brazil’s presidency of the group of 11 countries comprising BRICS (Brazil, Russia, India, China, South Africa, Egypt, United Arab Emirates, Saudi Arabia, Ethiopia, Iran, and Indonesia). Despite this, BRICS remains cautious regarding de-dollarization . The declaration emphasizes that “the multilateral trading system has long been at a crossroads.” Because the document rejects the proliferation of measures that restrict international trade, through indiscriminate tariff increases and non-tariff measures. The text mentions protectionism disguised as environmental goals, as the group considers that these barriers could further reduce global trade, interrupt supply chains, and introduce uncertainties in international economic and commercial activities. This could worsen existing economic disparities and affect the prospects for global economic development. This was also the assessment of Geraldo Alckmin, Minister of MDIC (Ministry of Development, Industry, Trade, and Services). Alckmin, who is also the Vice President of Brazil, added: 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. The ministers also approved the BRICS Declaration on WTO Reform and Strengthening the Multilateral Trading System. For the group’s countries, this reform is necessary to reflect changes in the global economy, since BRICS accounts for 39% of the global economy and 24% of international trade, according to the declaration. According to Yashvir Singh, economic consultant at the Ministry of Commerce and Industry of India, the declaration emphasizes the importance of promoting an inclusive, equitable, transparent, and non-discriminatory rules-based multilateral trading system. Since major reforms are not being easily implemented, especially the restoration of the WTO Appellate Body, we proposed some incremental reforms to improve the functioning of the organization, its committees, and councils. In the declaration, BRICS Trade Ministers express concern about the increase in unilateral tariff and non-tariff measures, as these distort trade and are inconsistent with WTO rules. The countries also acknowledge the need for a common framework for data governance, including cross-border flows, to address principles of data collection, recording, storage, organization, processing, and transfer; promoting interoperability of national regulations and distributing monetary and non-monetary benefits among developing countries and their citizens. The countries’ objectives include promoting secure access to technology, protecting individual and national interests, driving digitalization of industry and services, expanding intra-BRICS trade, and fostering cooperation for an open, inclusive, sustainable, fair, equitable, secure, and reliable digital future. Another point of the declaration was the creation of a platform aimed at compliance with the rules of the multilateral trading system, regarding the connection between trade and environmental policy, exploring their synergies as drivers of sustainable development and effective actions to ensure the integrity of the global environmental system. The updated strategy will discuss priority actions and guiding principles in five areas: Multilateral Trading System; Digital Economy; International Trade and Investments; Financial Cooperation; and Trade and Sustainable Development. Discussions to complete the “BRICS Economic Partnership Strategy 2030” continue, to be adopted by leaders at the BRICS Summit, which will take place in Rio de Janeiro on July 6 and 7. In the United States, President Donald Trump used the social network Truth Social to suggest a 50% tariff on European Union (EU) products starting June 1. According to the Republican, the bloc “was formed mainly to take advantage of the US in trade, and has been very difficult to deal with.” He also said that the EU’s trade barriers, VAT [Value Added Tax], ridiculous corporate penalties, non-monetary trade barriers, currency manipulations, unfair and unjustified lawsuits against American companies, among others, have led to a trade deficit with the US of more than $250 million per year, an entirely unacceptable amount. To Fox News, Treasury Secretary Scott Bessent said that “the EU’s proposals do not have the same quality as those we have seen from our other important trading partners .” I will not negotiate on TV, but I hope this lights a fire under the EU. Trump’s post and Bessent’s statements were accompanied by a drop in the US stock market. In that case, the S&P 500 closed Friday’s (23rd) session at 5,802.82 points (-0.67%). Bitcoin (BTC) also seemed to reflect this impact by falling to $108.9 thousand (-2.1%), but with a weekly gain of 5%, at the time. The Bitcoin pullback could be considered modest since the news from the US coincided with the weekend approaching and a possible giving back of gains from recent days. Likewise, BTC’s new all-time high above $111k happened without crypto market frenzy.

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