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At the BRICS summit held in Rio de Janeiro, Brazil BV/DH40 steel on July 6th, leaders of member countries reiterated their commitment to promoting cooperation in the key mineral resource industry chain around the principle of "benefit sharing", while not directly responding to former US President Trump's threat of an additional 10% import tariff. The meeting emphasized the need to strengthen the construction of processing facilities through public-private partnerships to enhance the added value of resources.
Brazilian President Lula stated at the BRICS BV/DH40 steel Business Forum that BRICS countries dominate the global key mineral reserves, with rare earths accounting for 84%, manganese accounting for 66%, and graphite accounting for 73%. He called on all enterprises to actively participate in every aspect from resource extraction to product manufacturing, and pointed out that Brazil has well-trained labor and clean energy advantages, and has the ability to contribute to the global energy transition. According to data from the International Energy Agency, the demand for key minerals is expected to more than double by 2040.
During exchanges with Vietnamese Prime Minister Pham Minh jung and Ethiopian Prime Minister Abi, the Pakistani side further explored specific cooperation matters in the mining sector. In addition, the Brazilian government is also considering advancing an economic and trade agreement at the level of the Southern Common Market (MERCOSUR) with the United Arab Emirates.
The meeting also focused on the issue of de dollarization. Although the concept of a unified alternative currency has not been formally proposed, BRICS leaders unanimously support expanding the use of their own currencies among member countries. The joint statement states that BRICS will promote the application of local currency in investment and cross-border payments, and strive to enhance the interconnectivity of cross-border payment systems.
In response, Trump threatened later that day to impose a 10% import tax on goods from BRICS member countries. In response, representatives from China, India, South Africa, and Malaysia stated that the BRICS cooperation is not targeted towards third-party countries, emphasizing that the group's positioning is to promote sustainable and inclusive development in the 'Global South'. However, influenced by market sentiment, most metal prices on the LME weakened in early trading on July 7th.
In the final statement of the BV/DH40 steel summit, BRICS expressed serious concerns about unilateral economic sanctions and non-tariff barriers, called for compliance with WTO rules, opposed trade distorting behavior, and supported the efforts of Ethiopia and Iran to join the WTO.
At present, the BRICS has expanded to include 11 countries including Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran, as well as multiple "partner countries" such as Belarus, Kazakhstan, and Vietnam. BRICS countries together account for nearly 40% of global GDP and nearly half of the population, making them an important force in the global resource and industrial policy game.
