Amid trade war looming, the BRICS leaders congregated in South Africa have signed a declaration stressing the importance of an “open world economy”.
The BRICS countries said that all countries benefit from globalisation.
Brazil, Russia, India, China and South Africa went on to back an open and inclusive multilateral trading system under World Trade Organization rules.
Their comments come amid mounting trade tensions sparked by US tariffs.
The leaders have been meeting at the 10th Brics summit in Johannesburg.
“We reaffirm the centrality of the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, as embodied in the World Trade Organization, that promotes a predictable trade environment and the centrality of the WTO,” the declaration signed by the five leaders said.
The countries went ahead and said that WTO members to abide by WTO rules and honour their commitments in the multilateral trading system.
US President Trump also wants to cut the trade deficit with China – a country he has accused of unfair trade practices since before he became president.>