Seven-point action plan to boost industrial ties

A seven-point action plan on strengthening industrial cooperation among Brics countries has been adopted and shows that the world economy “is still in a period of profound adjustment after the international financial crisis”.

Ministers in trade sectors from South Africa, India, Russia and Brazil and China – where the meeting was held – also identified key areas which needed strengthening in the plan for long-term economic development.

“Industrial sectors, the manufacturing sector and related service sectors have become key in sustaining mid- and long-term economic development,” the Trade and Industry Department said.

“The plan also acknowledges that, in recent years, the new industrial revolution featuring digitalisation, networking and intellectualisation is emerging, changing traditional production flows and business models.”

Minister Rob Davies added that the seven areas are mutually beneficial with win-win cooperation in industrial fields, particularly manufacturing areas. The areas identified included: Industrial capacity cooperation, coordination and match-making in the field of industrial policies.

Cooperation in the development of new infrastructure, expand cooperation in technological development and innovation, and deepen cooperation in the field of SMEs.

At the seventh meeting of the Brics trade ministers, Davies will discuss areas in which these countries can enhance cooperation on issues related to trade and investment.