Brics bloc signs declaration reaffirming multilateral trade as per WTO rules

Leaders of the Brics bloc signed a declaration supporting an open and inclusive multilateral trading system as envisaged by the World Trade Organisation at a summit on Thursday in South Africa.

Brazil, Russia, India, China and South Africa have found a collective voice championing global trade at the three-day summit, vowing to fight unilateralism and protectionism in the wake of tariff threats by US President Donald Trump.

“We recognise that the multilateral trading system is facing unprecedented challenges. We underscore the importance of an open world economy,” the declaration signed by the five leaders said.