BRICS Finance Chiefs Raise Concerns Over Unilateral Tariffs, Non-Tariff Measures

New Delhi, Sep 12 (KNN) BRICS finance ministers and central bank governors have raised ‘serious concerns’ over the unilateral imposition of tariffs and non-tariff measures, saying such actions distort trade and are inconsistent with World Trade Organisation (WTO) rules.

In a joint statement, the BRICS Finance Ministers and Central Bank Governors (FMCBG) said such measures weigh disproportionately on emerging markets and developing economies (EMDEs), amid elevated risks to the global economic outlook from geopolitical tensions, trade fragmentation, protectionism and policy uncertainty.

The grouping said BRICS economies have demonstrated resilience and continue to contribute to stable, sustainable, inclusive and balanced global growth, reported Indian Express.

Push For Greater EMDE Representation
The FMCBG also called for reforms to global economic governance institutions, particularly the International Monetary Fund (IMF) and World Bank, to better reflect the growing role of EMDEs in the global economy.

It advocated a merit-based, inclusive and transparent selection process that would improve regional diversity and increase representation of developing economies in the leadership of the Bretton Woods Institutions.

The statement called for greater voice and voting shares for EMDEs through quota realignment, while ensuring that the interests and quota shares of the poorest developing countries are protected.

It also said voluntary financial contributions should not influence quota allocations, governance representation or voting power in multilateral development institutions.

BRICS Seeks Stronger Economic Coordination
The FMCBG said BRICS members would continue strengthening coordination to make international financial institutions more representative, transparent and accountable.

It stressed the need to reform the Bretton Woods Institutions to make them more agile, effective, credible, inclusive and representative, with governance structures reflecting changes in the global economy since their establishment.

The BRICS finance chiefs said the grouping aims to strengthen collective capacity, promote innovation and advance sustainable development and resilience amid evolving global challenges.

The Finance Ministers and Central Bank Governors of BRICS countries met in Jaipur on August 12-13 and in Mumbai on September 10 under this year’s BRICS theme, ‘Building for Resilience, Innovation, Cooperation and Sustainability’.

(KNN Bureau)