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    August 9, 2026
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    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
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      Customs & Trade

      BRICS condemns Pahalgam attack; calls for shunning double standards in combating terrorism

      July 7, 2025

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      Rio de Janeiro, Jul 6 (PTI) The BRICS grouping on Sunday condemned the Pahalgam terror attack in the strongest terms and echoed India's position to pursue a "zero tolerance" approach towards terrorism and called for shunning double standards in countering the menace.

      The top leaders of BRICS nations articulated their firm resolve to combat terrorism, including cross-border movement of terrorists and terror financing, on the first day of the grouping's two-day summit in this seaside Brazilian city.

      In an apparent reference to Washington's reciprocal tariffs, the leaders also criticised the "indiscriminate rising of tariffs", holding that such measures threaten to undermine global trade.

      The BRICS leaders unveiled the "Rio de Janeiro Declaration" that featured the bloc's position on a number of pressing global challenges, including terrorism, the situation in West Asia, trade and tariff, and reform of global institutions such as the UN Security Council and the Bretton Woods Institutions.

      "We condemn in the strongest terms the terrorist attack in Jammu and Kashmir on April 22, 2025, during which 26 people were killed and many more injured. We reaffirm our commitment to combating terrorism in all its forms and manifestations, including the cross-border movement of terrorists, terrorism financing and safe havens," the leaders said in the declaration.

      "We urge to ensure zero tolerance for terrorism and reject double standards in countering terrorism," the BRICS declaration said.

      "We emphasise the primary responsibility of states in combating terrorism and that global efforts to prevent and counter terrorist threats must fully comply with their obligations under international law," it said.

      The BRICS resolved to further deepen counter-terrorism cooperation and called for concerted actions against all UN designated terrorists and terrorist entities.

      The grouping also called for an expeditious finalisation and adoption of the Comprehensive Convention on International Terrorism in the UN framework.

      The declaration condemned all acts of terrorism as "criminal and unjustifiable, regardless of their motivation".

      The BRICS said it is committed to combating illicit financial flows, including money laundering and financing of terrorism, extremism and proliferation, and other forms of transnational organised crime, including the use of new technologies and cryptocurrencies for terrorist purposes.

      It also expressed concern over ongoing conflicts in many parts of the world and the current state of "polarisation and fragmentation" in the international order.

      The grouping specifically condemned recent military strikes against Iran.

      "We condemn the military strikes against the Islamic Republic of Iran since June 13, which constitute a violation of international law and the Charter of the UN," it said in the declaration.

      "We further express serious concern over deliberate attacks on civilian infrastructure and peaceful nuclear facilities under full safeguards of the International Atomic Energy Agency (IAEA)," it added.

      The BRICS' declaration said the multilateral trading system is at a crossroads.

      "The proliferation of trade-restrictive actions, whether in the form of indiscriminate rising of tariffs and nontariff measures...threatens to further reduce global trade, disrupt global supply chains, and introduce uncertainty into international economic and trade activities," it said.

      The grouping voiced serious concerns about the rise of "unilateral tariff and non-tariff measures" which it said distorts trade and are inconsistent with WTO rules.

      "In this context, we reiterate our support for the rules-based, open, transparent, fair, inclusive, equitable, non-discriminatory, consensus-based multilateral trading system with the World Trade Organisation (WTO) at its core, with special and differential treatment for its developing members," the declaration said.

      Chinese President Xi Jinping and his Russian counterpart Vladimir Putin skipped the summit. Iranian President Masoud Pezeshkian and Egypt's Abdel-Fattah el-Sissi also didn't attend the gathering.

      The BRICS has emerged as an influential grouping as it brings together 11 major emerging economies of the world, representing around 49.5 per cent of the global population, around 40 per cent of the global GDP and around 26 per cent of the global trade.

      BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, with Indonesia joining in 2025. PTI MPB GSP GSP

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