In a joint statement, ministers of finance and central banks have evaluated that tax pressure ‘distorts trade’ and is ‘inconsistent with the rules of the World Trade Organization’
The ministers of finance and the presidents of the central banks of the disapproved of the unilateral increase in tariffs that “distort trade” and are “inconsistent with the rules of ”Even without directly quoting the United States, the message is a clear reference to the tariff policies imposed by the government of Since the beginning of the year. The statement is part of the ministerial document published last Saturday (5), at the end of the meeting in the that precedes the summit of the BRICS leaders on Sunday (6) and Monday (7).
“BRICS members have demonstrated resilience and will continue to cooperate with each other and other countries to safeguard and strengthen the multilateral non -discriminatory, fair, inclusive, equitable, transparent and rules, with the WTO as its nucleus, avoiding commercial wars that can plunge the global economy in recession or further prolong the contained growth,” says the document on the subject.
In addition to the ministerial document, two other specific documents were published on the revision of IMF quotas and supporting the United Nations (UN) Framework Convention on International Tax Cooperation. In the publication that advocates the reform of the international financial system, the BRICS ministers say that IMF quotas do not accompany the rapid growth of emerging markets and developing economies.
“Quota realignment should reflect the relative positions of members in the global economy, while protecting the quotas of the poorest members. A formula of simple, balanced and transparent quotas, which considers relevant factors and variables, such as the GDP of the people’s power parity (PPP), should serve as an guiding tool in an inclusive process of quota realignment,” says an excerpt.
The Declaration on Tax Cooperation defends a more inclusive international system, with fiscal transparency and promotion of global dialogue, which contribute to reducing inequalities. “Our efforts should promote effective mutual assistance on tax issues, increase transparency and combat tax -related financial flows, as well as curb harmful tax practices and fiscal dropout, including individuals with high equity,” says one passage.
COP 30
In the main statement of the ministers, COP 30, which will be held in November in Belém, also appears as a prominent theme. They advocate greater involvement of the Ministries of Finance and the central banks in discussions, especially regarding the objective of reaching 1.3 trillion in climate financing.
“We also recognize the need to face the structural challenges arising from climate change and energy transitions, biodiversity and nature conservation, demographic changes and digitization, understanding that dealing with them also has significant investment opportunities and growth in sustainable development and eradication of poverty,” says the passage.
*With information from Agência Brasil
