BRICS Ministers Condemn Trade Practices Violating WTO Rules, Call for Global Economic Cooperation

BRICS Finance Ministers and Central Bank Governors, during their first meeting under Brazil’s leadership, have collectively voiced strong disapproval of the unilateral imposition of tariffs and non-tariff measures, citing their incompatibility with WTO regulations. They underscored the resilience of the BRICS nations and the importance of maintaining a stable global economy. The joint statement emphasized the commitment to a multilateral trading system based on openness, fairness, and inclusivity. The ministers acknowledged the challenges posed by global economic volatility and pledged to cooperate to avoid trade wars. Furthermore, they expressed their dedication to central banks’ price stability mandates, recognizing the importance of responsible monetary policies. The meeting also focused on facilitating the de-escalation of trade tensions and promoting balanced growth. Discussions also covered debt issues in Emerging Markets and Developing Economies. Prime Minister Narendra Modi is attending the 17th BRICS Summit in Brazil, where various global topics will be discussed.