Overview
- Ministers endorsed a declaration labeling unilateral tariffs inconsistent with WTO rules and urged UN Security Council reform to reflect emerging economies.
- President Lula da Silva proposed at the New Development Bank a BRICS commercial currency to challenge dollar dependency in South-South trade.
- Russian Finance Minister Anton Siluanov advocated for a digital, cross-border payment network using national currencies to bypass SWIFT and Western financial controls.
- The final text condemned June’s strikes on Iran, backed a two-state solution for Israel and Palestine and demanded an immediate, unconditional Gaza ceasefire.
- President Trump countered on Truth Social with a threat to impose a 10% tariff on any country aligning with policies he described as anti-American BRICS measures.