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Published On: Sun, Jul 29th, 2018

Prime Minister Narendra Modi’s remarks at BRICS Outreach Session

The leaders of the Brics emerging economies have signed a declaration stressing the importance of an “open world economy”, in which all countries benefit from globalization.

Brics back 'open world economy' that benefits all nations

Brics back ‘open world economy’ that benefits all nations

Brazil, Russia, India, China and South Africa also backed an “open and inclusive” multilateral trading system under World Trade Organization rules .

But they said the multilateral trading system faced unprecedented challenges.

Their comments come amid mounting trade tensions sparked by US tariffs.

The leaders have been meeting at the 10th Brics summit in Johannesburg.

“We reaffirm the centrality of the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, as embodied in the World Trade Organization,  that  promotes a predictable trade environment and the centrality of the WTO,” the declaration signed by the five leaders said.

However, they added: “We recognize that the multilateral trading system is facing unprecedented challenges.

“We 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.

“We call on all WTO members to abide by WTO rules and honour their commitments in the multilateral trading system.”

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