Multilateral trading system in BRICS

photo from xinhuanet

In Johannesburg of South Africa, there was a Plenary Session of the 10th BRICS summit from July,26 to July 28 in 2018. During this session,BRICS leaders pledge to strengthen multilateral trading system.

The emerging-market bloc of BRICS, which groups Brazil, Russia, India, China and South Africa, issued the 10th BRICS Summit Johannesburg Declaration.

"We reaffirm the centrality of the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, as embodied in the World Trade Organization (WTO)," it said.

This multilateral trading system promotes a predictable trading environment and the centrality of the WTO, it added.

BRICS leaders recognize that the multilateral trading system is facing unprecedented challenges, according to the document.

They underscore the importance of an open world economy, enabling all countries and peoples to share the benefits of globalization, which should be inclusive and support sustainable development and prosperity of all countries, said the document.

The leaders also called on all WTO members to abide by WTO rules and honor their commitments in the multilateral trading system, it said.

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