July 26, 2018 / 1:31 PM / 2 months ago

BRICS bloc signs declaration reaffirming multilateral trade as per WTO rules

JOHANNESBURG (Reuters) - Leaders of the BRICS bloc signed a declaration supporting an open and inclusive multilateral trading system as envisaged by the World Trade Organisation at a summit on Thursday in South Africa.

China's President Xi Jinping and leaders stand, prior to taking their seats at the first closed session of the leaders of the BRICS summit meeting in Johannesburg, South Africa, July 26, 2018. REUTERS/Mike Hutchings

Brazil, Russia, India, China and South Africa have found a collective voice championing global trade at the three-day summit, vowing to fight unilateralism and protectionism in the wake of tariff threats by U.S. President Donald Trump.

“We recognise that the multilateral trading system is facing unprecedented challenges. We underscore the importance of an open world economy,” the declaration signed by the five leaders said.

Reporting by Olivia Kumwenda-Mtambo; Writing by James Macharia; Editing by Kevin Liffey

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