Russia, India and China could voice together in favour of reforming the International Monetary Fund (IMF) and preserving the World Trade Organisation (WTO)’s universal role of a fundamental trade structure.
Russian President Vladimir Putin said this on Friday at his meeting with Chinese President Xi Jinping and Indian Prime Minister Narendra Modi, held on the sidelines of the G20 summit in Osaka.
Russia, China and India coordinate their approaches to the activities of key international bodies, including the United Nations, the BRICS nations comprising Brazil, Russia, India, China, and South Africa, the Shanghai Cooperation Organisation, and G20, Putin stressed
“As I see it, our countries could voice together in favour of strengthening the prestige of the WTO and preserving its role of a universal structure regulating international trade … Supporting the effort to reform the IMF is another important task,” Putin said.
The BRICS nations at the Xiamen Summit in China in 2017 resolved to strengthen the multilateral trading system and called upon member countries of the World Trade Organisation to abide by the rules, amid ongoing trade disputes between major economies.
India, China, Brazil, Russia and South Africa also re-affirmed the centrality of the “rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system”.
The annual summit of the Group of 20 nations is underway in Osaka, Japan. At the top of the agenda is the ongoing trade war between China and the U.S. – the world’s two biggest economies.
The G20 is an international leaders’ forum comprising 19 countries and the European Union.
Collectively, the grouping represents more than 80 per cent of the world’s economic output and two-thirds of its people. Its primary aim is to promote international financial stability.