BRICS nation express commitment to rules-based trading system

BRICS nations today emphasised the importance of an open and inclusive world economy and expressed their firm commitment to free trade, and the centrality of a rules-based, transparent, non-discriminatory, multilateral trading system.

External Affairs Minister Sushma Swaraj, who is on a five-day trip to South Africa, attended the BRICS (Brazil, Russia, India, China and South Africa) Foreign Ministers' meeting.

After the meeting, the foreign affairs ministers of BRICS nations reiterated BRICS commitment to multilateralism and a rules-based international order and in this regard reaffirmed the centrality of the UN, the WTO and international law.

The ministers pledged their support to efforts towards making global governance more representative with greater participation of emerging markets and developing countries in global decision making.

The ministers emphasized the importance of an open and inclusive world economy enabling all countries and peoples to share the benefits of globalisation, a statement released after the meeting said.

They underlined their firm commitment to free trade, and the centrality of a rules-based, transparent, non-discriminatory, multilateral trading system as embodied in the World Trade Organisation (WTO), the statement said.

They opposed the new wave of protectionism and the systematic impact of unilateral measures that are incompatible with WTO rules, and undermines global trade, and economic growth.

"They reiterated that the WTO Dispute Settlement System is a cornerstone of the multilateral trading system (MTS) as it is designed to enhance security and predictability in international trade," the statement said.

The ministers reaffirmed their resolve to foster a global economic governance architecture that is more effective and reflective of current global economic landscape, increasing the voice and representation of emerging markets and developing economies, it said.

They reaffirmed their commitment to conclude the