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Brazil, Russia, India, China and SA (Brics), representing about 40% of the world’s population and almost a quarter of its output, think it’s time for a change in how things are done.
After a three-day summit in Johannesburg, the Brics nations said they want a fairer, more representative global order in diplomacy and trade just as China, the biggest member, faces billions of dollars of extra US tariffs. They also want reforms at the UN, the UN Security Council and the International Monetary Fund (IMF) to better represent developing nations, and have asked that members of the World Trade Organisation (WTO) — including the US — abide by WTO rules as the multi-lateral trading system faces "unprecedented challenges".
"They’re not only re-balancing the current global order, but contesting that order," Lyal White, senior director of the Johannesburg Business School at the University of Johannesburg (UJ), said on Friday. "Each of these countries can’t do that on their own — but together the...
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