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August 3, 2017

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BRICS trade ministers see fruitful results of meet

BRICS countries have signed deals spanning trade, investment, intellectual property rights protection, and technical exchange to promote multilateral cooperation, China’s minister of commerce said yesterday on conclusion of the 7th Meeting of BRICS Trade Ministers in Shanghai.

Agreements were reached in facilitating trade, boosting investment, enhancing trade of services, e-commerce, and intellectual property rights protection, building a multilateral trading system, and strengthening economic and technical cooperation, said Zhong Shan, minister of commerce and chairman of the meeting.

“The meeting fully demonstrated the BRICS spirit of openness, inclusiveness, and win-win cooperation,” Zhong said. “It came up with remarkably fruitful results and laid a solid foundation on the trade and economic front for a successful BRICS Summit in Xiamen in September.”

Ministers have approved the establishment of the BRICS Model E-Port Network to improve trade efficiency among BRICS countries.

Under the initiative, members are encouraged to share information and experiences in building E-Ports and host dialogs and workshops to improve connectivity.

To expand trade of services, ministers approved a road map that will start from enhancing cooperation in tourism, education, and medical service sectors.

Zhong said BRICS countries have huge potential to expand the trade market as Brazil, Russia, India, China and South Africa accounted for a fourth of the global economy, although they only generated 11 percent of the world’s total trade of services.

E-commerce will also be boosted to bring more foreign products from BRICS countries to people’s tables.

Ministers approved the BRICS E-commerce cooperation initiative to help upgrade the e-commerce industry, create jobs, and lift small businesses into the global value chain.


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