[SMM Stainless Steel Flash] BRICS Nations Oppose EU's CBAM, Calling It Unilateral and Protectionist

Published: Aug 21, 2026 09:51

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At the 12th BRICS Environment Ministers' Meeting held under India's 2026 chairship in New Delhi, BRICS nations unanimously adopted a joint ministerial statement opposing the EU's CBAM, and inconsistent with international law, expressing concern over its impact on developing countries' climate efforts. CBAM entered its definitive phase on January 1, 2026, covering steel, aluminum, cement, fertilizers, hydrogen, and electricity. For India specifically, government data shows iron and steel exports to the EU declined 13% in the four months through April following CBAM's rollout, with an ICRIER study estimating a potential 24% long-term decline. The BRICS grouping — comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, UAE, and Saudi Arabia — collectively accounts for approximately 40% of global GDP.

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