New Delhi [India], September 12 : The BRICS countries on Saturday called for an immediate end to unilateral economic sanctions and expressed grave concern over rising protectionist policies, warning that arbitrary tariff hikes and green-labelled trade barriers are disrupting global supply chains and hurting the developing world.
In the New Delhi Declaration adopted during the 18th BRICS Summit, the leaders stated that the global multilateral trading system has reached a critical crossroads. They highlighted that countries are increasingly adopting trade-restrictive measures that violate World Trade Organisation (WTO) rules.
The grouping pointed out that the sudden rise in customs duties, non-tariff barriers, and protectionist restrictions disguised as environmental measures threaten international commerce. The leaders warned that these practices fuel global economic uncertainty, deepen existing disparities between nations, and obstruct worldwide economic growth.
To safeguard global markets, the BRICS nations agreed to collaborate on making the WTO more responsive to trade disruptions while prioritising the economic and development needs of emerging markets and developing countries.
Taking a firm stance against economic coercion, the declaration strongly condemned unilateral sanctions and secondary sanctions imposed outside the mandate of the United Nations Security Council, emphasising that such penalties violate international law and the UN Charter.
The leaders noted that these unilateral restrictions have far-reaching negative consequences on fundamental human rights in targeted countries, specifically undermining access to food security, healthcare, and overall economic development.
The declaration also reaffirmed BRICS’ commitment to strengthening global economic governance, noting the growing share of EMDEs in global output and growth.
It called for reform of the Bretton Woods Institutions to make them more agile, effective, credible, inclusive, fit for purpose, unbiased, accountable and representative, with their governance structures reflecting the transformation of the global economy since their establishment.
BRICS further said the voice and representation of EMDEs in the Bretton Woods Institutions must reflect their relative position in the global economy and called for greater regional diversity and representation of EMDEs in the leadership of the IMF and World Bank.
The declaration also reaffirmed support for World Trade Organisation reform and called for a stronger, open, equitable, transparent, fair, inclusive, predictable and rules-based multilateral trading system, with the WTO at its core.
BRICS strongly advocated the immediate restoration of an accessible, effective and fully functioning two-tier binding WTO dispute settlement mechanism and called for the appointment of new Appellate Body members without further delay.
The declaration comes as India hosts the 18th BRICS Summit in New Delhi on September 12-13, with India's Chairship guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability."