BRICS say No to ‘unilateral economic coercion’

International Business News  –  Foreign ministers of BRICS (Brazil, Russia, India, China and South Africa) have pointed out that unilateral sanctions are having a negative impact on the global economy, TASS Cape Town reported Tuesday. The foreign ministers of the five countries made the statement in a joint statement released on Monday after a meeting in Cape Town.

“The Ministers recognized the negative impact of unilateral measures contrary to international law on the global economy and noted that unilateral economic coercive measures such as sanctions, boycotts, embargoes and blockades will further complicate the situation,” the statement said.

The joint statement also expressed support for the peaceful resolution of the conflict in Ukraine and the full implementation of the Black Sea Food Initiative by all parties.

“The ministers discussed their countries’ positions on the situation in and around Ukraine,” the statement said. They endorsed mediation proposals aimed at resolving the conflict peacefully through dialogue and diplomacy.”

The five foreign ministers also called for the “full and effective implementation of the Black Sea Food Initiative,” the statement said, according to the report. They stressed the importance of getting food and fertilizer to those in need.

Reuters reported on Monday that the BRICS foreign ministers’ meeting is a prelude to the Johannesburg summit in August this year.

Once seen as a loose and largely symbolic alliance of vastly different emerging economies, BRICS has become more concrete in recent years, the report said.

Against the backdrop of increased geopolitical “polarization” caused by the Russia-Ukraine conflict, BRICS leaders expressed their willingness to admit new members, including oil-producing countries.

Venezuela, Argentina, Iran, Algeria, Saudi Arabia and the United Arab Emirates are among the countries that have either formally applied to join or expressed interest in joining, officials said.

Bloomberg News also reported on its website that the BRICS countries are stepping up their efforts to expand their global influence: They see now as an opportunity to take advantage of a fractured world order to build power beyond Brazil, Russia, India, China and South Africa. The BRICS aims to “become an economic and political force to be reckoned with,” the report said.