Five fastest growing economies, including India, on Wednesday vowed to oppose trade protectionism as they agreed to coordinate their positions in the multilateral fora, including the G-20 and climate change negotiations, to uphold the interests of developing countries.
The Brazil-Russia-India-China-South Africa (Brics) economic and trade ministers, who met here on the eve of the group’s summit, noted that the recent turmoil in West Asia and North Africa, as well as the earthquake and tsunami in Japan, had brought about uncertainties to the world economic development and agreed to further strengthen cooperation among themselves by expanding mutual trade and investment.
The economic and trade ministers committed to “oppose trade protectionism in all its forms,” said a joint press release issued after the meeting attended by Commerce and Industry Minister Anand Sharma.
In this regard, they decided to establish a contact group to propose an institutional framework and concrete measures to expand economic cooperation among Brics and with other developing countries, it said.
Sharma said the five countries would be coordinating their synergies on the reforms of global institutions like IMF and World Bank besides the G-20 and WTO.