BRICS Finance Ministers Reject Unilateral Trade Sanctions

Moscow (ANTARA) - BRICS nations have expressed deep concern over unilateral restrictions imposed on trade and financial transactions, including tariff increases, according to a joint statement released on Friday by BRICS finance ministers and central bank governors.

“We remain very concerned about the unilateral implementation of various policies related to trade and finance, including tariff increases and non-tariff measures that distort trade and are inconsistent with World Trade Organisation (WTO) rules,” the statement read.

The ministers stated that the heaviest pressure is being felt by emerging markets and developing economies, following their meeting in Mumbai, India, on Thursday.

According to the statement, the BRICS finance ministers and central bank governors reaffirmed their support for an open, transparent, inclusive, non-discriminatory, and rules-based multilateral trading system, with the WTO serving as its primary foundation.