BRICS Leaders Reaffirm Commitment to Multilateralism, Trade, and Global Growth at G20 Osaka Meet
Leaders of Brazil, Russia, India, China, and South Africa — collectively known as BRICS — met on June 28, 2019, on the sidelines of the G20 Summit Osaka 2019 in Osaka, reaffirming their commitment to multilateral cooperation, global trade stability, and sustainable development.
Global Growth Outlook Remains Uncertain
BRICS leaders noted that while global economic growth shows signs of stabilisation, it remains fragile due to:
- Rising trade and geopolitical tensions
- Commodity price volatility
- Increasing inequality
- Tightening financial conditions
The bloc emphasised the need for a favourable global economic environment to sustain international trade and growth.
BRICS as Key Drivers of Global Economy
The leaders highlighted that BRICS nations:
- Contribute nearly one-third of global output
- Are projected to account for over 50% of global growth by 2030
They stressed that structural reforms and balanced trade expansion among member nations will further strengthen global trade flows.
Strong Push for Multilateral Trade System
Reaffirming their stance, BRICS leaders expressed full support for the World Trade Organization (WTO), opposing:
- Protectionism
- Unilateral trade actions
They called for urgent reforms to strengthen the WTO while preserving its core principles and ensuring inclusivity for developing nations.
They also underlined the importance of restoring the WTO’s Appellate Body to maintain an effective dispute resolution mechanism.
Support for Global Financial Stability
The bloc reiterated its commitment to strengthening global financial institutions, including:
- International Monetary Fund (IMF) reforms
- Enhancing the role of the New Development Bank (NDB) in infrastructure financing
- Strengthening the Contingent Reserve Arrangement (CRA) to manage financial crises
They also welcomed initiatives such as local currency bond funding and project financing support.
Firm Stand Against Terrorism and Corruption
BRICS leaders strongly condemned terrorism in all forms and called for:
- Greater global cooperation under the United Nations framework
- Stronger action to curb terror financing
- Collaboration with tech companies to prevent misuse of digital platforms
On corruption, they emphasised:
- Strengthening legal frameworks
- Enhancing international cooperation
- Protecting whistle-blowers
- Tackling illicit financial flows and offshore assets
Focus on Energy, Climate & Sustainability
The bloc reaffirmed commitment to the Paris Agreement and stressed:
- Transition to clean and sustainable energy systems
- Promotion of renewable energy sources like solar and bioenergy
- Need for developed nations to support developing countries with finance and technology
Digital Economy & Innovation Take Centre Stage
Recognising the growing importance of digital transformation, BRICS leaders:
- Highlighted the role of data in development
- Supported innovation and emerging technologies
- Encouraged cooperation under initiatives like the New Industrial Revolution partnership
They also emphasised bridging the digital divide, especially in rural and remote regions.
