BRICS countries (Brazil, Russia, India, China and South Africa) believe that urgent reform of the World Trade Organization is necessary, the declaration following the summit of the BRICS leaders says
NEW DELHI (Pakistan Point News / Sputnik - 09th September, 2021) BRICS countries (Brazil, Russia, India, China and South Africa) believe that urgent reform of the World Trade Organization is necessary, the declaration following the summit of the BRICS leaders says.
"We [...] reiterate our support for the necessary and urgent reform which would, inter alia, preserve the centrality, core values and fundamental principles of the WTO and consider the interests of all members, including developing countries and LDCs, recognizing that the majority of the WTO members are developing countries,"
It is critical that all WTO members avoid unilateral and protectionist measures that run counter to the spirit and rules of the WTO, it says.
The leaders also called for increasing the International Monetary Fund's (IMF) capabilities for response to future crisis.
"We recognize the urgency to strengthen its [the IMF's] capability to meet the financing needs of countries during future crisis in a transparent and accountable manner," the document says.
