Johannesburg: The new wave of protectionism and the subsequent impact of unilateral measures that are incompatible with WTO rules undermine global economic growth and development, South African President Cyril Ramaphosa said as he opened the 15th BRICS Summit on Tuesday.
Ramaphosa joined Prime Minister Narendra Modi, Brazilian President Lula Da Silva and China’s Commerce Minister Wang Wentao — who spoke on behalf of his President Xi Jinping — on stage. Russian President Vladimir Putin delivered his address virtually after the leaders met for the BRICS Business Forum Leaders Dialogue.
“The changes that have taken place in BRICS economies over the past decade have done much to transform the shape of the global economy. However, the new wave of protectionism and the subsequent impact of unilateral measures that are incompatible with WTO rules undermine global economic growth and development,” Ramaphosa said.
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