Indonesia presses BRICS to defend multilateralism amid trade shift
Indonesia also sought a preferential trade agreement (PTA) with South America’s Mercosur bloc as negotiations for a broader Indonesia-Mercosur Comprehensive Economic Partnership Agreement (IEU-CEPA) made little progress.
Indonesia urged BRICS nations to uphold multilateral trade principles as the bloc grapples with shifting trade dynamics, according to Trade Minister Budi Santoso. During the BRICS trade ministers' meeting in Jaipur, India on Aug. 6-7, the group made strides in various areas, including strengthening a rules-based trading system under the World Trade Organization and supporting SMEs' global expansion.
However, negotiations for an Indonesia-Mercosur Comprehensive Economic Partnership Agreement remained stagnant. Budi stressed the importance of a strong, inclusive WTO and cautioned against global fragmentation, warning that it could lead to a more divided world less capable of addressing shared challenges.
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