NEW DELHI -- Against the backdrop of trade tensions triggered by U.S. President Donald Trump, leaders of the world's five major economies have highlighted the importance of an "open" world economy that allows all countries to share the benefits of globalization.
"We recognize that the multilateral trading system is facing unprecedented challenges," read a declaration signed on Thursday by Brazil, Russia, India, China and South Africa during the 10th BRICS summit in Johannesburg. "We call on all [World Trade Organization] members to abide by WTO rules and honor their commitments in the multilateral trading system."
