BRICS bloc reaffirms multilateral trade

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BRICS bloc reaffirms multilateral trade

Leaders of the BRICS bloc on Thursday signed a declaration supporting an open and inclusive multilateral trading system as envisaged by the World Trade Organisation at a summit in South Africa.

Brazil, Russia, India, China and South Africa have found a collective voice championing global trade at the three-day summit, vowing to fight unilateralism and protectionism in the wake of tariff threats by U.S. President, Donald Trump.

“We recognise that the multilateral trading system is facing unprecedented challenges. We underscore the importance of an open world economy,” the declaration signed by the five leaders said.