BRICS can be economic force

Cooperation among the five member nations essential amid global challenges, officials say

The future economic integration among BRICS member nations will be determined by enhanced political relations and a joint effort to stimulate trade, investment and high-tech cooperation, government officials and business leaders said.

Their remarks came after the current global business setting has experienced profound changes triggered by protectionism and unilateralism.

The BRICS economies — Brazil, Russia, India, China and South Africa — have no choice but to support the power of the World Trade Organization and the multilateral trading system.

Therefore, tightening BRICS cooperation is essential, especially in areas such as trade facilitation and diversified economic, financial and technological partnerships, said Atul Dalakoti, executive director of the Federation of Indian Chambers of Commerce and Industry.

“Safeguarding the multilateral trade system and the rise against protectionism serve the common interests of emerging and developing economies, in particular for BRICS countries,” said Vice-Minister of Commerce Wang Shouwen.

The total trade volume between China and other BRICS members amounted to $295.37 billion in the first 10 months of the year, data from the General Administration of Customs showed.

China mainly exports manufacturing equipment, automobiles, vessels, steel, electronics, textiles, garments, household appliances, and solar and wind power products to other BRICS countries.

Russia, South Africa, India and Brazil’s exports to China include mechanical, transport and industrial materials, passenger aircraft, chemicals and pharmaceutical goods.

Eager to expand its market presence in China, India was granted “guest of honor” status at the second China International Import Expo in Shanghai in early November.

For its part, the State-owned

China National Nuclear Corp signed several major agreements with Russia’s state nuclear agency Rosatom on Nov 6 during the second CIIE, aiming to further deepen nuclear energy cooperation between China and Russia.

The company signed a contract with its counterparts at Rosatom on nuclear fuel supply for two units at the Xudapu nuclear power plant, which is located in northeastern Liaoning province.

The China Institute of Atomic Energy and China Nuclear Energy Industry Corp also signed three purchase contracts with their Russian partners on experimental fast reactors during the CIIE.

China has been keen to accelerate connectivity among BRICS countries. It involves people-topeople exchanges, physical and institutional connectivity to provide a strong foundation for the countries’ long-term development, said Li Yan, a researcher at the Beijing-based Development Research Center of the State Council.

Major Chinese airlines including Hainan Airlines Co Ltd, Air China Ltd and China Southern Airlines Co Ltd all have opened new routes between various Chinese cities and BRICS destinations such as Johannesburg, St. Petersburg, Russia, and Mumbai, India, over the past five years.

Embraer SA, the Brazilian commercial aircraft manufacturer, found a sweet spot in China’s fastgrowing budget and regional aviation market created by increasing air travel demand from smaller Chinese cities.

Guan Dongyuan, senior vice-president of Embraer and president of Embraer China, said the company plans to introduce its latest single-aisle E195-E2 jets, the biggest ever built by Embraer, with 136 seats, to the Chinese market.

Xu Lirong, chairman of China COSCO Shipping Co, stressed that economic integration on the world’s oceans will become a new growth engine for BRICS countries to shorten the gap between developed economies, especially in areas that demand cuttingedge technology, modern infrastructure facilities and advanced machinery.

“The oceans are strategically important to BRICS countries. A part of their development potential lies in the oceans if sustainably developed over the next decade,” he noted.