BRICS nations vow to fight protectionism
India and other four other members of the BRICS grouping members (Brazil, Russia, China and South Africa) have pledged to fight protectionism.
Decision in this regard was taken at the two-day meeting of the trade ministers from BRICS nations held at Shanghai, China. They released joint statement highlighting various issues and need to address them collectively.
Highlights of Joint statement
BRICS countries should jointly tackle the challenges of economic globalisation, promote open and equitable world economy. They should uphold the common interests of the emerging markets and developing countries with a view to promoting strong, sustainable, balanced and inclusive growth.
BRICS agreed to firmly oppose protectionism and pledged to annul any protective measures, calling on other countries to follow the same suit. They also encouraged more countries to participate in the World Trade Organisation (WTO), urging the institution to show more commitment to receiving the least developed countries (LDCs). They also agreed to play a major part in global economic governance.
BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. It was established in 2009 as BRIC. In 2011, South Africa joined this informal group and BRIC became BRICS. The first formal BRICS summit was held in Yekaterinburg, Russia in 2009. So far, eight such summits have taken place.
The BRICS members are distinguished by their large, fast-growing economies and significant influence on regional and global affairs. The BRICS countries are home to 42% of the world’s population. Their total share in the global economy has risen from 12% to 23% in the past decade and collectively contribute they more than half of global growth. They all developing or newly industrialised countries and all five are G-20 members. They are