A summit by the five nations united under the BRICS acronym, consisting of Brazil, Russian Federation, South African Republic and India, was held in Johannesburg (SAR). Five countries represented by their presidents have declared firm opposition to the trade war practices introduced by the USA.
The declaration adopted as a result of the meeting of the five B.R.I.C.S leaders in South Africa, in particular, enforces the position of the economic bloc on international trade and politics in the wake of trade and tariff wars looming under the ‘America First” agenda pushed by the White House. BRICS leaders agreed to fight against protectionism amid US tariffs threats.
The document adopted as declaration supports an open and inclusive multilateral trading system established by the World Trade Organization (WTO).
The rule-based trading regime, multilateral and fair, is proclaimed as the value to promote investment, globalization and facilitation. The documents rejects protectionism. Last years the whole system of WTO lagged behind the processes of sanctions, counter-sanctions, preventative tariffs and non-economical regulations.
Meanwhile, Russian President Vladimir Putin called the BRICS nations to promote in-block trading and rise the volumes of bilateral trade in the five-nations economic forum.
Some US experts have suggested that trade tensions and tariffs war could give developing nations a new impetus to push forward their trade agendas. As the WT becomes lagged and obsolete of the events on the economic horizons BRICS consolidated position is a way to regain it’s authority.