Today, the leaders of Brazil, Russia, India, China and South Africa meet in Brasilia for the 11th annual BRICS summit,
Today, the leaders of Brazil, Russia, India, China and South Africa meet in Brasilia for the 11th annual BRICS summit, which is titled “Economic Growth for an Innovative Future”.
The summit brings together five major developing economies that comprise 23% of global GDP. Meanwhile, the combined populations of the five countries account for 42% of the world’s population.
With the global economy facing downward pressure, the summit will see discussions focusing on healthier trade relations between the five states. The China-Brazil relationship is one of particular interest, as the two countries have stepped up bilateral ties significantly in the last decade, with 2018 data showing a $100 billion trade relationship.
With Chinese President Xi Jinping and Brazilian President Jair Bolsonaro set to meet face-to-face, Beijing has high hopes that Brazil will allow Chinese tech giant Huawei to build a 5G mobile network in the country. This would be a large, collaborative investment that would also stand to cause a stir in Washington. Indeed, on November 8, US Secretary of State Mike Pompeo urged allies to avoid business with the company given its alleged ties to the Chinese Communist Party. If Huawei moves forward with its mobile network project in Brazil, then, it would be a major victory for Beijing amid global trade tensions.
Wake up smarter with an assessment of the stories that will make headlines in the next 24 hours. Download The Daily Brief.