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BRICS members call for reforming WTO, Bretton Woods institutions — declaration

It is stated that BRICS members are concerned "with trade restrictive measures which are inconsistent with WTO rules, including unilateral illegal measures such as sanctions, that affect agricultural trade"

JOHANNESBURG /South Africa/, August 24. /TASS/. BRICS member states call for reforming the World Trade Organization (WTO) and Bretton Woods financial institutions, including the International Monetary Fund (IMF), according to the Johannesburg II Declaration adopted at the 15th BRICS Summit in South Africa.

"We commit to engage constructively to pursue the necessary WTO reform <…> We call for reform of the Bretton Woods institutions, including for a greater role for emerging markets and developing countries, including in leadership positions in the Bretton Woods institutions, that reflect the role of emerging markets and developing countries in the world economy," the document reads.

"We call for the restoration of a fully and well-functioning two-tier binding WTO dispute settlement system accessible to all members by 2024, and the selection of new Appellate Body Members without further delay," BRICS leaders noted. Moreover, BRICS members are concerned "with trade restrictive measures which are inconsistent with WTO rules, including unilateral illegal measures such as sanctions, that affect agricultural trade," the declaration said.

"We support a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund at its centre," BRICS leaders stressed.

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