New Delhi, Sep 12 (SocialNews.XYZ) The BRICS group of emerging economies on Saturday unanimously adopted the New Delhi Declaration, in which it voiced serious concern over the rise of unilateral tariffs and non-tariff measures that distort trade and are inconsistent with the rules of the World Trade Organisation (WTO).
The BRICS nations reaffirmed their "unwavering support for reform of the World Trade Organisation (WTO) and to strengthening a non-discriminatory, open, equitable, transparent, fair, inclusive, predictable and rules-based multilateral trading system, with the WTO at its core".
Echoing the aspirations of the Global South to fully integrate into the multilateral trading system, the declaration strongly supports Ethiopia and Iran’s bid for accession to the WTO. It acknowledges China for expanding its zero-tariff treatment to cover 53 African countries with which it has diplomatic ties.
The declaration also condemned the imposition of unilateral coercive measures that are contrary to international law, and reiterated that such measures, in the form of unilateral economic sanctions and secondary sanctions, have far-reaching negative implications for human rights, including the rights to development, health and food security, of the general population of targeted states, disproportionally affecting the poor and people in vulnerable situations, deepening the digital divide and exacerbating environmental challenges.
The BRICS countries called for the elimination of such unlawful measures.
With the growing share of EMDEs in global output and growth, reform of global economic governance remains a consistent BRICS priority, it said, adding that the bloc agreed to continue to strengthen coordination among BRICS members to make international financial institutions, including the IMF and World Bank, more representative, transparent, and accountable.
The declaration calls for the need for a strong, quota-based and adequately resourced IMF at the centre of the global financial safety net to effectively support its members, particularly the most vulnerable countries.
"We urge entry into effect of the quota increases agreed under the 16th General Review of Quotas (GRQ) with no further delay and call for the development of approaches to meaningful quota realignment under the 17th GRQ at the earliest," the declaration stated.
It also reaffirms the 2025 World Bank Shareholding Review as a critical tool to strengthen multilateralism and enhance the legitimacy of the World Bank Group, as a better, bigger, and more effective development finance institution.
The BRICS countries decided to continue to advocate for the increased voice and representation of developing countries, underpinned by a shareholding realignment that corrects their historic underrepresentation.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz