India, Brazil and South Africa have raised concerns over unilateral tariffs and other coercive trade measures, saying such steps risk destabilising global markets and undermining the World Trade Organisation (WTO).At a meeting under the IBSA framework (India, Brazil, South Africa), the three nations described these measures as “discriminatory” and “inconsistent” with WTO rules.The meeting was attended by external affairs minister S Jaishankar, Brazilian foreign minister Mauro Vieira, and South African minister Sindisiwe Chikunga.
The ministers had also urged for urgent reforms to the UN security council, Jaishankar said.In a statement, IBSA stressed the importance of a fair, balanced and mutually beneficial global trading system.It added, “They (the ministers) reaffirmed their commitment to strengthen the centrality of the rules-based, transparent, non-discriminatory, fair, equitable, open, and inclusive multilateral trading system, with the World Trade Organization (WTO) at its core and its role in promoting predictability, stability, legal certainty and a level playing field for international trade.”Last month, the US imposed 50% tariffs on India and Brazil, raising tensions further.The ministers expressed “serious concern over the imposition of unilateral tariff and other discriminatory and protectionist measures, particularly measures used as a means of coercion, noting that such actions are inconsistent with the WTO and risk undermining the rules-based multilateral trading system as well as destabilising world markets fostering greater fragmentation and instability.”The three countries also highlighted their commitment to reforming and strengthening the multilateral trading system. The statement also noted disappointment that the WTO’s commitment to a fully functioning dispute settlement system by December 2024 has not been met. The ministers stressed the need to urgently restore an effective two-tier WTO dispute settlement system.Agricultural trade was another key focus. The ministers said it must remain free from unilateral, protectionist measures. “Transparent, open, reliable, non-discriminatory, and uninterrupted international trade in agriculture and its inputs is one of the important avenues to address the global food security crisis,” the statement said.“The ministers also reaffirmed their commitment to strengthening even further agricultural cooperation among IBSA, including within multilateral organisations,” it added.
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