Trade Resources Policy & Opinion The 5th BRICS Trade Ministers Meeting Held in Moscow

The 5th BRICS Trade Ministers Meeting Held in Moscow

The 5th BRICS trade ministers meeting was held in Moscow, the capital city of Russia on July 7. Chinese Vice Minister Wang Shouwen led the Chinese delegation to attend the meeting. Attending were also trade ministers and representatives from Russia, Brazil, India, and South Africa. Director-General of UNIDO (United Nations Industrial Development Organization ) Li Yong was also invited to the meeting.

The meeting focused on global economic situation and its influence on BRICS trade and investment, deepening BRICS trade and economic cooperation and Doha round negotiations, and in-depth communications were made. . They have reached extensive consensus at the meeting and made preparatory work for the 7th BRICS Summit in Ufa, Russia on July8-9.

Wang Shouwen said, at present, with weak recovery of the world’s economy, the BRICS countries face great downward pressure, and they need to push forward overall practical cooperation, jointly fight against the trade protectionism of various kinds, strengthen multilateral coordination and promote to establish more fair and reasonable international economic order. As the regional trade arrangement grows rapidly at the moment, the BRIC countries should insistently uphold the authority of multilateral trading system represented by the World Trade Organization, ensuring the complementarity to each other. In WTO’s post-Bali negotiations, the BRIC countries should strengthen communication and coordination, and step up Doha round negotiation as soon as possible on the basis of respecting authorization and former negotiations and fruits. Meanwhile, efforts should be made to advance the implementation of “Bali package” agreement and promote the Trade Facilitation Agreement to come into effects before the end of the year.

Wang Shouwen said that all sides should undertake to build an integrated market, comprehensively advance the cooperation in trade facilitation, e-commerce, intellectual property, small and medium-sized enterprises and trade promotion areas through the formulation and implementation of BRICS Economic Partnership Strategy, strengthen mechanism building, push forward fruitful results, further the interest ties of BRIC countries and realize the common development and prosperity.

The meeting issued a trade minister joint communique and reached consensus on various cooperation initiatives like the BRICS E-Commerce Cooperation Framework.

Source: http://english.mofcom.gov.cn/article/newsrelease/significantnews/201507/20150701048820.shtml
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