BRICS Nations Demand Fairer Global Trade and Reform of World Bodies
Leaders from the BRICS group have called for major changes to the global economic system. They met at the 18th BRICS Summit in New Delhi, India. The group includes Brazil, Russia, India, China, and South Africa. Their message was clear: the current system is not fair.
The BRICS leaders demanded an immediate end to economic sanctions imposed by single countries. These are called unilateral sanctions. They said such penalties violate international law and the UN Charter. They also cause great harm to people in targeted countries.
These sanctions negatively affect basic human rights. People struggle to get food, healthcare, and achieve economic development. The BRICS declaration strongly condemned these actions.
The leaders also raised serious concerns about increasing protectionist policies. Many countries are putting up new trade barriers. These include sudden increases in customs duties and new “green” rules for trade. Such measures disrupt supply chains globally.
These trade barriers also hurt developing nations. They create economic uncertainty around the world. The BRICS group warned that these practices widen the gap between countries. They also stop worldwide economic growth.
BRICS believes the global multilateral trading system is at a critical point. Many countries are adopting trade measures that go against World Trade Organisation (WTO) rules. The group wants the WTO to be more responsive to trade problems. It should also focus on the economic needs of developing countries.
The leaders called for reforms to global financial bodies like the International Monetary Fund (IMF) and World Bank. They want these institutions to be more effective and inclusive. Their governance must reflect the changing global economy. Developing countries need a stronger voice and better representation.
The declaration also supported reforming the WTO itself. BRICS strongly pushed for the quick restart of a binding WTO dispute settlement system. This system helps solve trade disagreements fairly. They also asked for new members to be appointed to this system without delay.
The New Delhi Declaration outlines these demands. The BRICS nations aim for a stronger, open, fair, and rules-based global trading system for all. India hosted the summit under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.”
