Rio de Janeiro [Brazil], July 6 (ANI): The Finance Ministers and Central Bank Governors (FMCBG) of the BRICS nations have voiced 'serious concerns' about the unilateral imposition of tariffs and non-tariff measures, in apparent reference to the US, which they deemed inconsistent with World Trade Organisation (WTO) rules.

In a joint statement following their first meeting under Brazil's chairmanship on Saturday, the Group emphasised the resilience of the BRICS nations--Brazil, Russia, India, China, and South Africa--along with new members in the face of these challenges and pledged to safeguard a non-discriminatory, open, fair, inclusive, equitable, and rules-based multilateral trading system with the WTO at its core, underscoring a collective commitment to global economic stability.

'The global economy and financial markets have increasingly been subject to elevated uncertainty and bouts of intense volatility. We voiced our serious concerns with the unilateral imposition of trade- and finance-related actions, including the raising of tariffs and non-tariff measures, which distort trade and are inconsistent with World Trade Organisation (WTO) rules,' the statement read.

'In this testing environment, BRICS members have demonstrated resilience and will continue to cooperate among themselves and with other countries to safeguard and strengthen the nondiscriminatory, open, fair, inclusive, equitable, transparent, and rules-based multilateral trading system with the WTO at its core, avoiding trade wars that could plunge the global economy into recession or further prolong subdued growth,' it added.

The statement from the BRICS members comes amidst a challenging global economic context marked by heightened uncertainty and volatility, as the deadline date of the 90-day pause on reciprocal tariff escalations announced by US President Donald Trump approaches, after the initial announcement of these punitive measures on April 2. The 90-day pause in reciprocal tariffs ends on July 9.

Under current inflationary conditions, the ministers reaffirmed their dedication to central banks' price stability mandates, confident that responsible monetary policies benefit all stakeholders.

'Collectively, we will continue to pursue constructive and active engagement in international financial institutions and a rules-based multilateral trading system to meet the needs of developing countries and advance intra-BRICS cooperation to further the development and resilience of our economies,' they stated.

The statement also addressed the need to de-escalate trade tensions, promote balanced global growth, and foster inclusive economic globalisation.

'We will cooperate to facilitate the de-escalation of trade tensions, including by reinforcing solidarity and promoting strong, sustainable, and more balanced global growth, fostering a universally beneficial and inclusive economic globalisation,' it noted.

Additionally, the BRICS nations committed to enhancing coordination between debtors and creditors to address debt issues in Emerging Markets and Developing Economies (EMDEs) from a development perspective, ensuring fair and constructive solutions.

In their joint statement, BRICS member nations have called on advanced economies and the international financial system to provide 'substantial' finance for climate mitigation in developing economies.

'...We call on advanced economies and other relevant actors in the international financial system as well as the private sector to provide substantial finance for climate actions in developing countries, including by expanding concessional finance and increasing private capital mobilization,' Finance Ministers and Central Bank Governors of the BRICS countries have said in a joint statement Sunday, just ahead of the Summit.

'Given the significant adaptation needs of EMDEs (Emerging Market and Developing Economies), we call on international financial institutions to scale up support for adaptation and to help create an enabling environment that encourages greater private sector participation in mitigation efforts,' the joint statement continued.

BRICS members acknowledge the need to address structural challenges stemming from climate change and energy transitions, biodiversity and nature conservation, among others.

'We reaffirm that predictable, equitable, accessible, and affordable climate finance is indispensable for just transitions, in line with country circumstances and development priorities, and for meeting the goals of the UNFCCC and its Paris Agreement,' the joint statement read.

India, a BRICS member, has always been vocal about climate finance arrangements, primarily from the developed countries that are huge carbon emitters. India continued to be vocal about the need for adequate finance, particularly for the Global South.

Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change.

Developing countries have been of the view that developed nations bear a greater historical responsibility for emissions and should take the lead in mitigation and finance. (ANI)