BRICS Ministers support strengthening and reform of WTO, condemn CBAM

In early August BRICs (Brazil, Russia, India, China, and South Africa) Ministers of Trade and Economy agreed to strengthen the multilateral trade system with the World Trade Organization (WTO) at its core and participate in the WTO reform with a constructive attitude. They also condemned some developed countries for adopting unilateral and discriminatory measures, including the Carbon Border Adjustment Mechanism and tax incentives. Furthermore, they stressed that the policymaking related to climate change be consistent with the principle of common but differentiated responsibilities and the WTO rules. They also reached a consensus to invite non-BRICS countries to discuss the digital economy and explore cooperation with other developing countries and the least developed countries.

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