Committed to open and free international trade: BRICS joint statement

Osaka, June 28: An informal BRICS (Brazil, Russia, India, China and South Africa) Summit was held on the sidelines of G20 Summit in Japan's Osaka Friday.

The five-member nation released a joint statement, calling for strengthening the World Trade Organisation (WTO), fighting protectionism, ensuring energy security and the need to work together to fight terrorism.

In a joint statement, the BRICS leaders said, "We are committed to transparent, non-discriminatory, open, free and inclusive international trade. Protectionism and unilateralism run counter to the spirit and rules of the World Trade Organization (WTO)."

The leaders also said, "Corruption, including illicit money, financial flows, and ill-gotten wealth stashed in foreign jurisdictions, is a global challenge which may impact negatively on economic growth and sustainable development."

At the meeting with BRICS leaders, Modi put forward a five-point approach to address common challenges facing the world, including protectionism, unilateralism at global financial organisations like the WTO and terrorism.

"Today I will focus on three major challenges. First, the recession and uncertainty in the world economy. Unilateral decisions and rivalries are overshadowing rule-based multilateral international trade systems," Modi said.

On the other hand, the lack of resources is reflected in the fact that there is a shortage of an estimated USD 1.3 trillion in investment for emerging market economies," he added.

All BRICS countries condemned terrorism in all its forms and manifestations. They reiterated the responsibility to prevent the financing of terrorism, for using territories and the Internet for terror purposes, said Foreign Secretary.

The two-day G20 Summit 2019 has kicked-off in Japan's Osaka on Friday, with global leaders from 19 countries and the Europeran Union, including Prime Minister Narendra Modi, deliberating on key issues that pertain to global development, such as trade, terrorism and climate change.