"We believe that any attempt to destroy the WTO or decrease its role is counterproductive … BRICS may and should play a more significant role in the international finance system, seek the advancement of IMF reform and boost its influence among the states' economies, as well as developing states," Putin said at the BRICS meeting, held ahead of the G20 forum in Osaka, Japan
The president also noted the need to define clear rules for the operations of transnational corporations.
Moreover, the president expressed hope that the BRICS states would continue discussing consumer rights protection online within the G20.
The leaders of BRICS, that include Brazil, Russia, India, China and South Africa, held an informal summit on the sidelines of the G20 Summit in Japan's Osaka Friday.
The bloc issued a joint statement, urging for boosting the World Trade Organisation (WTO), fighting protectionism, ensuring energy security and the need to work together to fight terrorism.