BRICS Nations Unite Against Unilateral Trade Actions, Champion Multilateralism

The Finance Ministers and Central Bank Governors from the BRICS countries have expressed serious concerns over the rise of tariffs and non-tariff measures, deeming them inconsistent with WTO rules. At their first meeting held under Brazil’s chairmanship, the group, including new members, highlighted the resilience of the BRICS nations. They reiterated their commitment to a multilateral trading system that is non-discriminatory, open, fair, and equitable. The ministers acknowledged global economic uncertainty and volatility, emphasizing the need for cooperation to prevent trade wars. They also affirmed their commitment to price stability through responsible monetary policies. Additionally, they agreed to work on de-escalating trade tensions, promoting balanced global growth, and addressing debt issues in Emerging Markets and Developing Economies. The 17th BRICS Summit, which Prime Minister Narendra Modi is attending, will see discussions on key global issues.