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BRICS summit is likely to strongly oppose carbon tax proposed by EU

Brazil, Russia, India, China and South Africa may strongly oppose the proposed Carbon Border Adjustment Mechanism (CBAM) by the European Union at the 13th BRICS Summit on Thursday as the five developing countries will likely be the biggest losers from its implementation. In a veiled reference to CBAM, BRICS trade ministers last week cautioned that any measure to tackle climate change must be in conformity with multilateral trading rules and shouldn’t put arbitrary restrictions on international trade.

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