In a review of the global economic situation, the BRICS Trade and Economic Ministers say there is a need for greater policy coordination to ensure a stable and thriving global economy.
The Ministers agreed to coordinate their positions at multilateral fora especially at the forthcoming meeting of the G20 trade ministers and at UNCTAD XIII in Doha next month.
The Ministers emphasised the need to resist protectionist tendencies and to promote international trade as an engine of economic growth and development, and while respecting World Trade Organization consistency, the Ministers felt that policy space must be made available to developing countries to pursue their legitimate objectives of growth, development and stability.
Ministers noted that subsidies in agriculture by some developed countries continued to distort trade and undermine the food security and development prospects of developing countries. They urged "this form of protectionism" be shunned.
The Ministers expressed deep concern at the current impasse in the Doha Development Round of trade talks, and reiterated that they remained fully committed to an early conclusion of the negotiations in support of an open and rules-based multilateral trading system.
According to news agency reports, the BRICS Ministers, speaking at a joint press conference chaired by India's Commerce and Industry Minister Anand Sharma, indicated they were looking forward to attending UNCTAD XIII in Doha, reaffirming the important role of UNCTAD and emphasising that its mandate should be maintained and strengthened.
"At a time when the global economy is in crisis, the Doha trade round is at an impasse and multilateralism is under challenge, it is vital for UNCTAD to strengthen its role of policy dialogue, consensus building and capacity building for developing countries," the Ministers said in a Joint Statement issued on 28 March.