Members of the BRICS (Brazil, Russia, India, China and South Africa) organization are expected to express a common position on the World Trade Organization (WTO) amendments, said Russian Minister of Economic Development Maxim Oreshkin.
“I think, considering the affinity of our positions, it would be correct to express a common position on changes in the WTO,” Oreshkin said in the corridors of the II Eurasian Women’s Forum.
He noted that there are many proposals to improve the organization.
According to the minister, the WTO reforms will also be discussed during the G20 summit in Argentina in November.
Trade wars fought recently affect the global economy, he said, so the WTO issue will be one of the most debated.
Several countries criticize the ineffectiveness of the WTO system.
In particular, European Trade Commissioner Cecilia Malmstrom said on Tuesday that the organization is going through a crisis and needs reforms.
In late August, US President Donald Trump suggested that the US might leave the WTO if there were no changes in its functioning.
According to the US leader, the WTO has been treating the United States “very badly” for years.
BRICS does not consider trade wars to be a major problem, according to information from a summit held in July.
The Johannesburg Declaration contains 102 points and only four are dedicated to international trade, not to mention the US or Donald Trump. But it should be noted that all trade disputes must be resolved only through the World Trade Organization (WTO).
However, the statements of the politicians, expressed on the eve and during the summit, give a slightly different image.
“The great problem of the world community is the struggle against the unilateral world order …. The BRICS countries are responsible for forming a common position and for a joint position against the unilateral world order,” said the Foreign Minister of China , Wang Yi.