BRICS opposes protectionism, unilateral actions

Brazil, Russia, India, China and South Africa, jointly opposed any protectionist policies and unilateral actions and is instead actively promoting trade and investment, Zhong Shan, the Chinese minister of commerce, said at a session of the BRICS Business Forum in Johannesburg on Wednesday.

Earlier in the day, the 10th annual summit of BRICS states, kicked off in Johannesburg, the event will conclude on Friday.

“I think we should admit all the BRICS countries are the beneficiaries of multilateral trading system and World Trade Organisation (WTO) cooperation.

“So under the current circumstances it is our sincere obligation to showcase our commitment toward the multilateral trading system.

“To safeguard the existence of WTO, and also to show our clear and strong position against any unilateral action and protectionism.

“I think on the trade and investment front we are exactly doing this,’’ Zhong said, while answering the question on BRICS’ response to the U.S. trade policies.

U.S. President Donald Trump announced steep tariffs on steel and aluminum imports in March, triggering a wave of trade disputes with a number of key trade partners.

All parties involved have since been exchanging threats to impose bilateral import duties.

BRICS members China, India and Russia, as well as other states have also initiated disputes against the U.S. measures within the WTO.