India, China, Brazil, SA for balanced conclusion of Doha round
Opposing protectionism and seeking a rule-based multilateral trading system, India and three other fast growing economies pushed for a "comprehensive and balanced" conclusion of the Doha round of trade talks that addresses the development agenda effectively.world Updated: Apr 14, 2011 19:10 IST
Opposing protectionism and seeking a rule-based multilateral trading system, India and three other fast growing economies pushed for a "comprehensive and balanced" conclusion of the Doha round of trade talks that addresses the development agenda effectively.
India, along with China, Brazil and South Africa, also advocated the case of Russia's early accession to the World Trade Organisation. "India reaffirms its commitment to a balanced and ambitious outcome to the Doha round of WTO negotiations," Prime Minister Manmohan Singh told a Summit meeting here which was also attended by Chinese President Hu Jintao, Russian President Dmitry Medvedev, Brazilian President Dilma Rousseff and South African President Jacob Zuma.
Singh said India will continue to engage with its partners to facilitate a "rule-based multilateral trade regime which is fair, equitable and addresses the development agenda effectively".
A Declaration issued after the Summit said Brazil, China, India and South Africa remain committed and "call upon other members to support a strong, open, rule-based multilateral trading system embodied in the World Trade Organisation".
They favoured "a successful, comprehensive and balanced conclusion of the Doha Development Round, built on the progress already made and consistent with its development mandate".
The leaders of the five major emerging economies said "we encourage all countries to refrain from resorting to protectionist measures".
They agreed to continue further expanding and deepening economic, trade and investment cooperation among the BRICS countries.
"We reviewed the progress of the BRICS cooperation in various fields and share the view that such cooperation has been enriching and mutually beneficial and that there is a great scope for closer cooperation among the BRICS," the declaration said.
"We are focused on the consolidation of BRICS cooperation and the further development of its own agenda," it said.
Expressing determination to translate political vision into concrete actions, they said the Action Plan will serve as the foundation for future cooperation. "We will review the implementation of the Action Plan during our next Leaders Meeting," they said.
To implement the economic agenda of the BRICS countries, the Summit also signed a pact providing for setting up of focal units for contact in each country.