Prime Minister Narendra Modi and other four BRICS leaders on Thursday called for an "urgent need" to strengthen and reform the United Nations and other multilateral organisations, including the WTO and the IMF, to address the significant challenges being faced by the developing countries.
Prime Minister Modi was in the Brazilian capital of Brasilia to attend the 11th BRICS Summit.
In a joint statement, the leaders of India, Brazil, Russia, China and South Africa said they are committed to multilateralism, cooperation of sovereign states to maintain peace and security, advance sustainable development and ensure the promotion and protection of human rights and fundamental freedoms for all and build a brighter shared future for the international community.
The BRICS leaders said they are committed to "helping overcome the significant challenges currently facing multilateralism, as well as upholding the central role of the UN in international affairs and respecting international law".
"We reiterate the urgent need to strengthen and reform the multilateral system, including the UN, the WTO, the IMF and other international organisations, which we will continue working to make more inclusive, democratic and representative, including through greater participation of emerging markets and developing countries in international decision-making," they said.
Emphasising on their commitment to shape a more fair, just, equitable and representative multipolar international order, the leaders underlined the imperative that international organisations be fully driven by member states and promote the interests of all.
"We recall the 2005 World Summit Outcome document and reaffirm the need for a comprehensive reform of the UN, including its Security Council, with a view to making it more representative, effective, and efficient, and to increase the representation of the developing countries so that it can adequately respond to global challenges," the statement said.
China and Russia reiterated the importance they attach to the status and role of Brazil, India and South Africa in international affairs and support their aspiration to play a greater role in the UN.
The BRICS nations also expressed serious concern over persistent threats to international peace and security and committed to work for lasting peace for all.
"We reaffirm our commitment to the principles of good-faith, sovereign equality of states, non-intervention in matters within the domestic jurisdiction of any state, and the duty to cooperate, consistently with the Charter of the UN. Implementation of these principles excludes imposition of coercive measures not based on international law," they said.
The leaders reaffirmed their commitment to a strong, quota-based and adequately resourced International Monetary Fund (IMF) at the centre of the global financial safety net, while expressing their disappointment that the 15th General Review of Quotas (GRQ) failed to increase the quota size of the Fund and realigning quota shares of member countries, including in favour of emerging markets and dynamic economies (EMDEs).
The BRICS nations said the EMDEs remain under-represented in the Fund.
"We also support protecting the voice and representation of the poorest members. We call upon the IMF to start work on quota and governance reform on the basis of the principles agreed in 2010 under the 16th GRQ in right earnest and within a tight timeframe," the statement said.
The leaders emphasised on the fundamental importance of a rules-based, transparent, nondiscriminatory, open, free and inclusive international trade.
"We remain committed to preserving and strengthening the multilateral trading system, with the World Trade Organisation at its centre. It is critical that all WTO members avoid unilateral and protectionist measures, which run counter to the spirit and rules of the WTO," the leaders said.
Brazil is the current chair of the grouping, which represents over 3.6 billion people, or half of the world population and they have a combined nominal GDP of USD 16.6 trillion.