MOSCOW (Pakistan Point News / Sputnik - 23rd September, 2022) Brazil, Russia, India, China and South Africa agree that the multilateral global system must be reformed and improved, including though the reform of the United Nations and other international organizations, BRICS foreign ministers said in a joint statement on Friday.
"The Ministers reaffirmed their commitment to strengthening and reforming the multilateral system, especially of the UN and its principal organs, in order to make the institutions and instruments of global governance more inclusive, representative, participatory, reinvigorated and democratic and to facilitate greater and more meaningful participation of developing and least developed countries, especially in Africa, in global decision-making processes and structures and make it better attuned to contemporary realities," BRICS foreign ministers said in a joint statement after a meeting on the sidelines of the 77th session of the UN General Assembly.
The minister also reaffirmed their commitment to reform the multilateral trading system.
"The Ministers reaffirmed their commitment to multilateralism and to the multilateral trading system with the WTO at its core. They reiterated the strong and necessary need to strengthen and reform the multilateral system, including the UN, the WTO, the International Monetary Fund (IMF), and other international organizations," the statement read.
All countries should refrain from applying any economic, financial or trade measures that are not in accordance with the international law and impede the economic and social development of other countries, the ministers said.
"The Ministers urged all States to refrain from promulgating and applying any economic, financial or trade measures not in accordance with the rules of the WTO, international law and the UN Charter that impede the full achievement of economic and social development, particularly in developing countries," the statement said.
BRICS foreign ministers underscored the importance of ensuring the inclusive and effective work of the global governance system, including the restoration of a well-functioning WTO dispute settlement mechanism by 2024, as mandated in the MC12 Outcome document.
