BRICS nations commit to refrain from protectionist measures

BRICS nations, including India, on Tuesday expressed commitment to refrain from taking any protectionist measures and improve policy coordination to enhance trade and investment.

"They (BRICS trade ministers) reaffirmed their commitment to refrain from trade protectionist measures that are incompatible with World Trade Organization obligations, while respecting the special and differential treatment for developing countries," said a joint communique on the eve of the sixth BRICS Summit.

Commerce and Industry Minister Nirmala Sitharaman, who is accompanying Prime Minister Narendra Modi, attended the meet of Trade Ministers of BRICS (Brazil, Russia, India, China and South Africa).

The ministers also expressed concern over the slow pace of global economic recovery and stressed that ‘the uncertainty regarding economic growth and policy responses in developed countries could lead to increased volatility in financial markets and further affect the international economy’.

They emphasised that updating international governance structures remain a necessity for better policy coordination and for the promotion of global economic prosperity, it said.

In spite of the challenging economic environment, it said the BRICS countries will continue to contribute to the global economic recovery.

The leaders vowed to continue work to further strengthen their economic relations, the statement said.

Further, the Ministers reaffirmed the importance of a continued dialogue on international investment agreements.