© RIA Novosti / Michael Clientgenerated in Photobacterium of the Russian Federation Vladimir Putin during a joint photograph of the BRICS leaders on the sidelines of the group of twenty summit in Buenos Aires. November 30, 2018© RIA Novosti / Michael Clientgenerated the image Bank
Countries-participants of the BRICS support efforts to improve the WTO, an important dispute resolution mechanism, calling for the immediate resumption of the process of selection of members of the appellate body of the organization as a key precondition for a stable and efficient it operation, said in a statement following the informal meeting of the leaders of the Association on the sidelines of the summit of «Big twenty».
«We support efforts to improve the WTO in order to increase its relevance and effectiveness to combat current and future challenges. In this work need to be stored the basic values and principles of the WTO, as well as reflected the interests of all members of the Organization, especially the interests of developing countries», — said in a statement following the meeting.
It is noted that the dispute settlement mechanism of the WTO is vital for the proper functioning of the organization. «Its efficient operation will create the necessary conditions to participate in the negotiations in the WTO in the future. In this regard, we call for the immediate resumption of the process of selection of members of the appellate body of the WTO as the key preconditions for stable and effective operation of the dispute settlement system of the Organization,» the statement said.
«We reaffirm our commitment to deepen our relations and cooperation, and a willingness to work together with other WTO members so that the Organization can keep pace with the times, to promote inclusive growth and the participation of all countries in international trade play a significant role in global economic governance», the statement reads.
© RIA Novosti, Infographics»Big twenty» in the numbers