18. The Ministers reaffirmed their commitment to broadening and strengthening the participation of emerging markets and developing countries (EMDCs) in the international economic decision-making and norm-setting processes, especially in the aftermath of the COVID-19 pandemic. To that end, they stressed the importance of continuing efforts to reform the international financial architecture, noting that enhancing the voice and participation of EMDCs, including the least developed countries, in the Bretton Woods institutions remains a continuous concern.

19. The Ministers reaffirmed their commitment to a strong Global Financial Safety Net with a quota-based and adequately resourced IMF at its center and expressed their deep disappointment at the failure in addressing the quota and governance reforms under the 15th General Review of Quotas (GRQ). They called for the timely and successful completion of the 16th GRQ by December 15, 2023, to reduce the IMF’s reliance on temporary resources and to address under-representation of EMDCs for their meaningful engagement in the governance of IMF and to protect the voice and quota shares of its poorest and smallest members and have a new quota formula that better reflects the economic weight of members.

20. The Ministers called for governance reform in the recruitment processes of the World Bank and the IMF by ensuring selection through an open and merit-based process, noting that the true potential of the Bank and Fund would be realized only by building more democratic governance structures and strengthening their financial capacity.

21. The Ministers reaffirmed their support for a transparent, rules-based, open, inclusive and non-discriminatory multilateral trading system, with the World Trade Organization at its core, and in this regard reiterated their support for the necessary and urgent reform which would inter alia, preserve the centrality, core values and fundamental principles of the WTO and consider the interests of all members, including developing countries and LDCs, recognizing that the majority of the WTO members are developing countries. It is critical that all WTO members avoid unilateral and protectionist measures that run counter to the spirit and rules of the WTO.

22. The Ministers stressed the need to restore the normal functioning of all WTO’s functions as highlighted in the Joint Statement by BRICS Trade Ministers on Multilateral Trading System and the WTO Reform of 2020. They emphasized the primary importance of ensuring the restoration and preservation of the normal functioning of a two-stage WTO Dispute Settlement system, including the expeditious appointment of all Appellate Body members.

23. The Ministers acknowledged that global economic governance in an increasingly interconnected world is of critical importance for the success of national efforts for achieving sustainable development in all countries, and that, while efforts have been made over the years, there remains a need to continue improving global economic governance and to strengthen the role of the United Nations in this regard with extensive consultations and joint contributions for the shared benefits.

24. The Ministers reiterated the important role of the United Nations Conference on Trade and Development in the integrated treatment of trade and development, finance, technology, investment and sustainable development and reaffirmed support for its vital mandate and promotion of an open and inclusive global economy and provision of development-oriented policy analysis.

25. The Ministers recognized that the current global challenges, particularly the COVID-19 pandemic, are a powerful reminder of the imperative to strengthen cooperation amongst States. While acknowledging the measures taken by the WHO, governments, non-profit organisations, academia, business and industry in combating the pandemic, they also expect the international community to reform and strengthen policy responses of WHO to fight the COVID-19 pandemic and other current and future health challenges.

26. The Ministers recognized the role of extensive immunization against COVID-19 as a global public good for health in preventing, containing, and stopping transmission to bring the pandemic to an end and foster a rapid, inclusive, sustainable, and resilient recovery, and in this context underlined the urgency for expeditious development and deployment of COVID-19 vaccines, especially in developing countries, and called for further close cooperation between various stakeholders for a diversified vaccine portfolio.

27. The Ministers stressed the need to promote initiatives aimed at ensuring timely, affordable, and equitable access to, as well as the distribution of diagnostics, therapeutics, medicines and vaccines, and essential health products and technologies, and their components, as well as equipment to combat COVID-19 pandemic and to support the achievement of universal health coverage including preventive measures and actions. The Ministers reaffirmed the need to use all relevant measures during the pandemic, including supporting ongoing consideration in WTO on a COVID-19 vaccine Intellectual Property Rights waiver and the use of flexibilities of the TRIPS Agreement and the Doha Declaration on TRIPS Agreement and Public Health. They also reiterated the need for sharing of vaccine doses, transfer of technology, development of local production capacities and supply chains for medical products, promotion of price transparency and called for exercise of due restraint in the implementation of measures that could hinder the flow of vaccines, health products and essential inputs.

28. The Ministers recommitted to strengthening and reforming the multilateral system through enhanced cooperation and close coordination in all relevant multilateral fora and international organizations including, the UN and G20.