BRICS finds com­merce con­sen­sus

Ser­vices deals and tech­nol­ogy among min­is­ters’ ma­jor ar­eas of agree­ment

China Daily (Hong Kong) - - TOP NEWS - By ZHONG NAN in Shang­hai zhong­nan@chi­nadaily.com.cn

Trade min­is­ters of BRICS coun­tries have reached eight ma­jor con­sen­suses, in­clud­ing es­tab­lish­ing stronger dig­i­tal net­works at ports to ease trade and ap­prov­ing a ser­vice trade co­op­er­a­tion road map to boost eco­nomic com­ple­men­tar­i­ties and di­ver­si­fi­ca­tion, China’s com­merce min­is­ter an­nounced on Wed­nes­day.

Zhong Shan, also chair­man of the sev­enth meet­ing of trade min­is­ters of Brazil, Rus­sia, In­dia, China and South Africa in Shang­hai, called on BRICS coun­tries to work to­gether to en­hance in­tra-BRICS in­vest­ment, and im­prove the ca­pac­ity of ser­vices re­lated to in­vest­ment amid un­cer­tain­ties in the global eco­nomic re­cov­ery. The min­is­ters met on Tues­day and Wed­nes­day.

Other re­sults in­clude launch­ing an e-com­merce co­op­er­a­tion ini­tia­tive, ap­prov­ing guide­lines for in­tel­lec­tual prop­erty rights, en­dors­ing the out­lines for in­vest­ment fa­cil­i­ta­tion and pro­duc­ing a frame­work on strength­en­ing the eco­nomic and tech­ni­cal ties among BRICS coun­tries.

Se­nior trade of­fi­cials also agreed to con­tinue sup­port­ing multilateral trad­ing sys­tems and pro­mot­ing the China In­ter­na­tional Im­port Expo, which will start next year. The expo is seen as an im­por­tant means for coun­tries in­volved in the Belt and Road Ini­tia­tive to gain ac­cess to the Chi­nese mar­ket.

With the trade in ser­vices be­com­ing a new driver for global eco­nomic and trade growth, the min­is­ters de­cided to in­ten­sify co­op­er­a­tion on in­for­ma­tion ex­change, ca­pac­ity build­ing and co­or­di­na­tion within BRICS, as well as con­duct­ing prac­ti­cal ac­tions in such pri­or­ity fields as tourism, ed­u­ca­tion and health­care ser­vices.

“Deep­en­ing tech­no­log­i­cal

BRICS coun­tries will fur­ther deepen eco­nomic and tech­ni­cal co­op­er­a­tion and ca­pac­ity build­ing.” Zhang Shao­gang, direc­tor-gen­eral of the Depart­ment of In­ter­na­tional Trade and Eco­nomic Af­fairs at the Min­istry of Com­merce

progress and eco­nomic glob­al­iza­tion presents to all coun­tries un­prece­dented op­por­tu­ni­ties and an ur­gent ne­ces­sity to en­hance eco­nomic and tech­ni­cal co­op­er­a­tion,” Zhong said.

Dur­ing the meet­ing, the min­is­ters called for speed­ing up the im­ple­men­ta­tion of the Bali and Nairobi min­is­te­rial con­fer­ences’ out­comes, and the prepa­ra­tions for the 11th World Trade Or­ga­ni­za­tion’s min­is­te­rial con­fer­ence set for Buenos Aires, Ar­gentina, in De­cem­ber.

BRICS economies have cre­ated a new paradigm for mu­tual ben­e­fit among emerg­ing and de­vel­op­ing coun­tries since the mech­a­nism was es­tab­lished in 2006. Con­tribut­ing nearly one-quar­ter of global eco­nomic out­put and half of world eco­nomic growth, they are ca­pa­ble of play­ing a pow­er­ful role in driv­ing the global econ­omy and gov­er­nance.

“To reach new goals, BRICS coun­tries will fur­ther deepen eco­nomic and tech­ni­cal co­op­er­a­tion and ca­pac­ity build­ing in the area of trade and in­vest­ment” said Zhang Shao­gang, direc­tor-gen­eral of the Depart­ment of In­ter­na­tional Trade and Eco­nomic Af­fairs at the Min­istry of Com­merce.

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