In swipe at US, BRICS hit out at protectionism

Brasilia: Five of the biggest emerging economies railed against protectionism on Thursday as they vowed to overcome “significant challenges” facing multilateralism, in a swipe at US tariffs and unilateral action.

In a joint declaration, BRICS countries — Brazil, Russia, India, China and South Africa — said “trade tensions and policy uncertainty have taken a toll on confidence, trade, investment and growth” in the global economy. “It is critical that all WTO members avoid unilateral and protectionist measures,” they said. “We reiterate the fundamental importance of a rules-based, transparent, non-discriminatory, open, free and inclusive international trade. And the BRICS “reaffirm our commitment to helping overcome the significant challenges currently facing multilateralism.

The United States is locked in a protracted trade war with BRICS titan China, while it also has sanctions on Venezuela, whose president Nicolas Maduro is backed by Beijing and Moscow. The statement, issued on the second day of the annual BRICS gathering, made no mention of the economic and political crisis raging in Venezuela — an issue that has divided the emerging markets group.

More than 50 countries, including Brazil, recognized Venezuelan opposition leader Juan Guaido as acting president earlier this year after rejecting Maduro´s re-election as fraudulent. The other BRICS back Maduro. Guaido supporters partially occupied the country´s embassy in Brasilia on Wednesday, a few kilometers from where the BRICS were holding talks.