Brics: BRICS has called for the immediate restoration of an accessible, effective and fully functioning two-tier binding World Trade Organisation (WTO) dispute settlement mechanism, while reaffirming its unwavering support for WTO reform and a rules-based multilateral trading system.

According to BERNAMA News Agency, the grouping expressed its commitment to active engagement in multilateral negotiations in Geneva, particularly focusing on the debates regarding the reform of the WTO. This was articulated in a 45-page declaration released recently.

The declaration highlighted BRICS' intention to enhance coordination under the BRICS Informal Consultative Framework to tackle challenges undermining the organisation's effectiveness and credibility. The group emphasized the urgent need for appointing new Appellate Body members, underscoring the significance of bolstering the WTO's authority, effectiveness, inclusiveness, and relevance.

The BRICS nations voiced serious concern over the increasing unilateral tariff and non-tariff measures that conflict with WTO rules, citing these actions as threats to global trade, supply chains, and economic equity. They condemned unilateral coercive measures contrary to international law, including economic and secondary sanctions not sanctioned by the UN Security Council.

Additionally, BRICS encouraged the New Development Bank to enhance its capacity to mobilise resources and support impactful projects promoting sustainable development and economic integration. The group recognised the bank's role in promoting resilience in emerging economies and reducing inequalities.

The BRICS declaration also echoed support for Ethiopia and Iran's aspirations to join the WTO, and acknowledged China's expansion of zero-tariff treatment to 53 African countries. China is set to take over the BRICS chairmanship in 2027.

Initially established by Brazil, Russia, India, and China, BRICS expanded to include South Africa in 2011, and subsequently Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE in 2023, followed by Indonesia in 2024. Several countries, including Malaysia and Belarus, were accepted as BRICS partner countries.

India, a founding member of BRICS, has previously chaired the grouping three times and assumed its fourth chairmanship on January 1, 2026. This year marks the 20th anniversary of BRICS since its establishment.