BRICS nations have backed a rules-based global trading system and voiced serious concern over the growing use of unilateral tariffs and non-tariff measures, saying such steps distort trade and are inconsistent with World Trade Organisation (WTO) rules.
The declaration said BRICS remains committed to strengthening a “non-discriminatory, open, equitable, transparent, fair, inclusive, predictable and rules-based multilateral trading system, with the WTO at its core”. BRICS also reaffirmed the importance of the 2025 World Bank Shareholding Review, describing it as a key step towards strengthening multilateralism and improving the legitimacy of the World Bank Group as a “better, bigger, and more effective development finance institution”. BRICS members agreed to strengthen coordination to push for greater representation of developing countries in international financial institutions, including the International Monetary Fund (IMF) and the World Bank.
The bloc unanimously adopted the New Delhi Declaration on Saturday, reaffirming its support for WTO reform and a multilateral trading system that is open, fair, transparent, inclusive and predictable, with the WTO at its core.
