BRICS member countries will launch a consultation mechanism on the World Trade Organization (WTO) issues to create fairer rules in the global economy, Russian President Vladimir Putin announced at an expanded session of the BRICS summit, Paralel.Az reports citing TASS.

"We believe that the launch of a special mechanism for consultations of BRICS countries on the World Trade Organization will facilitate the development of a common position on creating fairer rules of the game in the global economy and reforming the international financial system," the Russian leader said.

According to Putin, this includes "increasing the sustainability of supply chains and added value, countering protectionism, developing e-commerce, and establishing contacts along the lines of special economic zones."

Over the past year, BRICS has managed to agree on a number of initiatives in various key areas, the Russian leader noted.