As the aggressive US tariff policies have sent shockwaves through the global economy, placing great pressure on global trading networks, the BRICS nations – alongside other emerging economies – need to deepen regional collaboration and leverage multilateral mechanisms to defend their interests and weather the storm of unilateralism.
Brazilian Foreign Minister Mauro Vieira said that BRICS is “more relevant than ever” and the best response for “the crisis of multilateralism is more multilateralism,” the South China Morning Post reported on Wednesday.
His viewpoint serves as a timely reminder of the indispensable role of multilateralism in global governance, particularly in light of current US administration’s continuous threats to impose tariffs on trading partners, including BRICS nations.
The Trump administration’s “America First” policy, manifested in its challenges to the multilateral trading system, has not only disrupted global supply chains but also heightened business uncertainty, creating a volatile and unpredictable trade environment.
For developing countries, the impact of such unilateral measures is particularly severe. They face deteriorating trade conditions, restricted exports and the daunting task of adjusting to rapidly shifting global supply chains. Many nations seeking to avoid tariff escalation may have to make difficult concessions. While these concessions may provide temporary relief, they often come at the expense of domestic industries and long-term economic development.
More critically, the Trump administration’s attempts to reshuffle global supply chains may also exacerbate tensions among developing nations, pitting them against one another by shifting conflicts and competition onto the developing world.
In this context, the role and stance of BRICS nations, as representatives of emerging markets and developing economies, have become increasingly vital. The BRICS nations now account for about 47 percent of the world’s population, about 30 percent of global GDP and one-fifth of global trade. Notably, the IMF in October 2024 predicted that the world economy is set to rely even more heavily on the BRICS group of emerging economies to drive expansion, rather than their wealthier Western peers. This substantial potential combined economic strength endows the BRICS with the capacity to act as a bulwark against unilateralism and a driving force for a more just and equitable global trade system.
It is also important to note that while BRICS nations benefit from access to the US market, the US equally depends on products and supply chains originating from BRICS countries. Should the US impose high tariffs on BRICS nations, it would not only sever ties with a massive consumer market but also disrupt its own critical supply chains. This mutual dependence highlights the need for balanced and cooperative trade policies rather than unilateral measures.
From any perspective, unilateral actions cannot effectively address the complex challenges facing the global community and may also jeopardize the stability of the global economy as a whole. This underscores the critical importance of multilateralism. This is why there is the need for BRICS and other developing countries to present a more united multilateral front, for the purpose of protecting the economic interests of the Global South and contributing to a more stable, equitable and sustainable global economy.
That means BRICS countries need to unwaveringly uphold the principles of multilateralism, delve deeper into economic cooperation and foster even closer economic ties. Domestically, BRICS countries need to vigorously promote industrial innovation and upgrading, enhancing their competitiveness in the global market. Regionally, efforts should be made to promote trade and investment liberalization, creating a more conducive environment for economic cooperation.
In particular, coordination in global supply chains represents another critical area where BRICS nations can lead by example. By strengthening cooperation among upstream and downstream countries in supply chains, BRICS members can achieve resource sharing, complementary advantages and synergistic development.
