BRICS Brasil Bulletin #09 - BRICS approves Joint Declaration for fairer, more inclusive global trade
Against the tide of protectionism, BRICS raises the banner of inclusive trade: the group’s trade ministers reach agreement on WTO reform, the digital economy, and the 2030 Economic Partnership
Report Inez Mustafa | inez.mustafa@presidencia.gov.br
Reporter: The Ministers of the BRICS Contact Group on Economic and Trade Issues approved a Joint Declaration, which outlines three priority areas: strengthening the multilateral trading system and reforming the World Trade Organization, renewing the BRICS 2030 Economic Partnership Strategy, and the digital economy.
Geraldo Alckmin, Vice President of Brasil and Minister of Development, Industry, Trade, and Services, stated that the topics discussed among BRICS countries promote a fairer, more inclusive, and effective global trade system, especially in a moment marked by the rise of restrictive and protectionist economic measures.
Geraldo Alckmin: Today, we are not just gathered around negotiation tables, but around the possibility of a more prosperous future. I’m fully confident that their discussions, guided by cooperation and a commitment to the common good, will yield significant advances for global trade and investment.
Maria Laura da Rocha, Secretary-General for Foreign Affairs of Brasil, highlighted the unique position of the group to respond to global challenges, with a focus on the development of the Global South.
Maria Laura da Rocha: Our priorities include topics that can have a direct impact on the lives of our citizens, such as greater integration of our economies, facilitating trade and investment among BRICS countries.
Reporter: The ministers approved the BRICS Declaration on the World Trade Organization Reform and Strengthening the Multilateral Trading System. According to the group, the reform is necessary to reflect the transformations of the global economy, as Brasil, South Africa, Saudi Arabia, China, Egypt, the United Arab Emirates, Ethiopia, India, Indonesia, Iran, and Russia represent 39% of the global economy and 24% of international trade.
Yashvir Singh, India’s Secretary of Commerce and Industry, emphasized that the declaration underlines the importance of promoting an inclusive, equitable, and transparent trade.
Yashvir Singh: Since major reforms are not being easily implemented — especially the restoration of the WTO Appellate Body — we have proposed some incremental reforms to improve the functioning of the organization, its committees, and councils.