China calls on BRICS to boost multilateral trade as Iran, UAE eye closer ties
The UAE’s and Egypt’s trade with BRICS members is on the rise, while Iran’s efforts to increase economic ties are complicated by sanctions.
Chinese President Xi Jinping on Monday urged BRICS countries to boost “multilateral trade” as part of the bloc’s push to strengthen economic ties and reduce reliance on Washington.
Speaking at a virtual summit, Xi said member states should deepen both political and trade cooperation among themselves.
“BRICS countries … should act on the BRICS spirit of openness, inclusiveness and win-win cooperation, jointly defend multilateralism and the multilateral trading system, advance greater BRICS cooperation, and build a community with a shared future for humanity,” Xi said in remarks carried by China’s official Xinhua news agency.
The political and economic organization was formed by Brazil, Russia, India and China in 2009, and South Africa became a member the following year. BRICS expanded into the Middle East in early 2024, adding Iran, the United Arab Emirates and Egypt as full members, in addition to Ethiopia. Indonesia joined this past January. Saudi Arabia was invited to join in 2023 was reportedly considering the move in 2024, but has yet to formally join.
