Diplomacy
BRICS Pushes for New WTO Appellate Members
BirrMetrics · 2 weeks ago · Read the Full Story on BirrMetrics
AI SUMMARY
BRICS leaders gathered in New Delhi for their summit, calling for the restoration of the WTO Appellate Body and backing Ethiopia's bid to join the trade organization.
- BRICS leaders gathered in New Delhi on Saturday to mark two decades since the group's launch in 2006.
- Chinese President Xi Jinping visited India for the first time in seven years and held talks with Prime Minister Narendra Modi.
- The 45-page New Delhi Declaration contains 140 points covering trade, finance, development, global governance, and security.
- BRICS called for the immediate restoration of a fully functioning two-tier binding WTO dispute-settlement mechanism and the appointment of new Appellate Body members.
- The WTO Appellate Body has been unable to function since November 30, 2020, due to expired terms without replacements.
- BRICS called for reform of the IMF's quota and governance structure to increase the voting power of emerging markets and developing economies.
- The declaration explicitly backed Ethiopia and Iran's bids to join the World Trade Organization.
- Ethiopia maintains its ambition to complete the WTO accession process in 2026.
- Indian Prime Minister Narendra Modi proposed that BRICS develop 10 proposals for reforming global governance into a BRICS Reform Roadmap by the next summit.
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