BRICS leaders pledge to strengthen multilateral trading system

BRICS leaders will make all efforts to strengthen the multilateral trading system, according to a declaration released on Thursday.

Chinese President Xi Jinping (2nd L), Brazilian President Michel Temer (1st R), Russian President Vladimir Putin (2nd R), Indian Prime Minister Narendra Modi (1st L) and South African President Cyril Ramaphosa pose for a group photo during the Plenary Session of the 10th BRICS summit in Johannesburg, South Africa, July 26, 2018. [Photo: Xinhua/Xie Huanchi]

The emerging-market bloc of BRICS, which groups Brazil, Russia, India, China and South Africa, issued the 10th BRICS Summit Johannesburg Declaration.

"We reaffirm the centrality of the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, as embodied in the World Trade Organization (WTO)," it said.

This multilateral trading system promotes a predictable trading environment and the centrality of the WTO, it added.

BRICS leaders recognize that the multilateral trading system is facing unprecedented challenges, according to the document.

They underscore the importance of an open world economy, enabling all countries and peoples to share the benefits of globalization, which should be inclusive and support sustainable development and prosperity of all countries, said the document.

The leaders also called on all WTO members to abide by WTO rules and honor their commitments in the multilateral trading system, it said.