OHANNESBURG:The BRICS nations has resolved to strengthen multilateral trading system and called upon member countries of the World Trade Organisation to abide by the rules, amid ongoing trade disputes between major economies.
India, China, Brazil, Russia and South Africa also re-affirmed the centrality of the “rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system”.
“We recognise that the multilateral trading system is facing unprecedented challenges. We underscore the importance of an open world economy, enabling all countries and peoples to share the benefits of globalisation, which should be inclusive and support sustainable development and prosperity of all countries,” the five-nation grouping said in their joint declaration.
In their Johannesburg Declaration issued after their summit, the nations also called on all WTO members to abide by WTO rules and honour their commitments in the multilateral trading system.
The grouping said that the WTO Dispute Settlement System is a cornerstone of the multilateral trading system and is designed to enhance security and predictability in international trade.