BRICS Leaders Advocate for WTO Reform with Two-Tier Dispute Settlement

BRICS leaders commit to reforming WTO's dispute settlement by 2024, rejecting unilateral trade measures inconsistent with global rules. During their meeting in Kazan, they underlined the importance of a transparent multilateral system and the need for strengthening the WTO's developmental dimension.

In a strategic move to reshape global trade dynamics, BRICS leaders have pledged to pursue a two-tier binding dispute settlement system for the World Trade Organization (WTO). The announcement, made during a summit in Kazan, Russia, highlights the group's collective rejection of unilateral trade restrictions that deviate from established global trade rules.

Prime Minister Narendra Modi was present at the meeting, which underscored the necessity of immediate reforms to ensure a fully functioning dispute settlement system by 2024. The Kazan Declaration emphasized the urgency in appointing new Appellate Body Members to strengthen the WTO's framework.

India, a vocal advocate for these reforms, sees this as a crucial development. Developed nations like the US have been critical of the current system, branding it inflexible. Nevertheless, BRICS countries reaffirmed their dedication to a rules-based, inclusive trade architecture, promoting fair and equitable treatment for developing nations.

(With inputs from agencies.)