Leaders of BRICS nations (Photo: indiatoday.in)

Russian President Vladimir Putin said it’s clear that  global trade needs to be adapted to the present-day developments and that any attempts to lessen the role of the WTO  or nullify it entirely are counter-productive.

He said the current situation in the global economy is worrying as global trade was feeling the effect of protectionism and politically motivated restrictions.

Indian Prime Minister Narendra Modi said that global economic development is mainly controlled by unilateral decisions. He underscored the need to reform the WTO to ensure the global economy  is balanced.

Chinese President Xi Jinping criticized several countries for pursuing protectionism which has prompted trade wars and economic stasis, calling it the biggest risk for the increase of the global economic instability.

BRICS consists of five major emerging economies: Brazil, Russia, India, China, and South Africa.