Brics back multilateral trading
The eighth Brics Minister of Trade Meeting hosted by SA in July culminated in the conclusion of the Brics statement of support for an inclusive multilateral trading system, which it said is critical to address inclusive growth.
In his closing remarks trade and industry minister Rob Davies said that the statement reaffirms the Brics commitment to a rules-based, transparent, nondiscriminatory, open and inclusive multilateral trading system that promotes a predictable trade environment and the centrality of the World Trade Organisation (WTO).
“It emphasises among others that global trade rules should facilitate effective participation of all countries in the multilateral trading system and that development and the provisions for special and differential treatment remain integral in the WTO’s work.
“We also concluded a Brics statement on WTO matters that conveys the Brics members’ concern with the systemic impact of unilateral measures that are incompatible with WTO rules and that put the multilateral trading system at risk,” he said..
“We further call on all WTO members to abide by WTO rules and to honour their commitments in the multilateral trading system. We noted with concern the impasse in the selection process for new appellate body members that can paralyse the dispute settlement system and undermine the rights and obligations of all members. We urged all members to engage constructively to address this challenge as a matter of priority,” said Davies.
The Brics Minister of Trade meeting also approved the Brics joint communique that has a number of annexes, he said
“On e-commerce we approved the Brics Cooperation Framework on Inclusive E-Commerce Development that outlines a number of areas for enhanced co-operation on various aspects that promote inclusive growth in the development of e-commerce. To enable developing countries, especially [the] Least Developed Countries, to participate meaningfully in e-commerce, increased co-operation between countries will be needed to bridge the digital divides.”
Davies said the meeting also endorsed the working mechanism for technical regulations, standards, metrology and conformity assessment procedures. The key objective of the working mechanism is to enhance co-operation in the fields of technical regulations, standards, metrology and conformity assessment procedures including certification, testing, inspection and accreditation to facilitate and increase trade in goods, within the terms of the WTO technical barriers to trade agreement.