BRICS nations vow to shun trade protectionism
15 Jul 2014
BRICS nations have committed themselves to refrain from taking any protectionist measures and agreed to follow an enlightened policy coordination aimed at enhancing trade and investment.
''They reaffirmed their commitment to refrain from trade protectionist measures that are incompatible with WTO obligations, while respecting the special and differential treatment for developing countries,'' a joint communique issued on the eve of the sixth BRICS Summit said.
Commerce and Industry Minister Nirmala Sitharaman, who is accompanying Prime Minister Narendra Modi, attended the meeting of Trade Ministers of BRICS (Brazil, Russia, India, China and South Africa).
Trade ministers of BRICS also expressed concern over the slow pace of global economic recovery, stating, ''the uncertainty regarding economic growth and policy responses in developed countries could lead to increased volatility in financial markets and further affect the international economy''.
They emphasised the need for updating international governance structures for better policy coordination and for the promotion of global economic prosperity.
In spite of the challenging economic environment, it said the BRICS countries will continue to contribute to the global economic recovery.
The leaders vowed to continue work to further strengthen their economic relations, the statement said.
The ministers also reaffirmed the importance of a continued dialogue on international investment agreements.
