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BRICS concerned about expansion of protectionist measures

BRICS ministers recognized that the WTO is the "only multilateral institution with the necessary mandate to set the rules for the multilateral trading system"

RIO DE JANEIRO, April 30. /TASS/. BRICS countries are concerned about the expansion of unjustified unilateral protectionist measures inconsistent with World Trade Organization rules, including indiscriminate increases in mutual tariffs, according to a statement following a BRICS ministerial meeting in Rio de Janeiro.

"Such measures disrupt global supply chain and bring more uncertainty to the global economy," the statement said.

"They called upon all sides to take measures to defend free trade and multilateral trading system, with a view to addressing current trade challenges and fostering a favorable trade and investment environment for all, especially for EMDCs and developing countries," the statement went on to say.

They recognized that the WTO is the "only multilateral institution with the necessary mandate to set the rules for the multilateral trading system," according to the statement.

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