The Brics summit in Brazil last week revealed a loose alliance of emerging powers becoming more complex – and perhaps more consequential. For Brics, heft matters. It now counts 11 member states – including Indonesia, which joined this year – representing half the world’s population and 40% of the global economy, outpacing the G7 by $20tn. Yet its size hides its contradictions. The grouping’s call for more inclusive global institutions sounds welcome, but there is a preponderance of autocracies within its own ranks. Brics is right that international law should…
Tag: Trade and development
White House claims China trade deal reached after ‘productive’ Geneva talks
The White House announced on Sunday that a trade deal with China has been struck after two days of talks in Geneva. The announcement, in a press release, comes after US treasury secretary Scott Bessent told reporters that there had been “substantial progress” in talks between his team and that of the Chinese vice-premier, He Lifeng, in Geneva on defusing the trade war between the world’s two largest economies sparked by Donald Trump’s 145% tariffs. In remarks that were posted on social media by the White House, Bessent said he…
Australia wants deeper energy ties to help Taiwan decarbonise, amid China tensions
The Australian government says it wants to help Taiwan decarbonise its economy, flagging this as the next area of cooperation with the democratically ruled island, amid ongoing tensions with China. The trade minister, Dan Tehan, said he saw “real opportunities” to deepen energy ties with Taiwan, while arguing there was bipartisan recognition in Australia of “the greater assertiveness that we’re seeing from China”. Tehan also confirmed he had been aware of the former prime minister Tony Abbott’s plan to travel to Taiwan prior to his departure, but reiterated that “all…