BRICS Contact Group discusses steps to increase intra-BRICS cooperation & trade
New Delhi, July 20, 2021
The BRICS Contact Group on Economic and Trade Issues (CGETI) discussed steps to increase intra-BRICS cooperation and trade at its three-day meeting on July 12-14, the Ministry of Commerce & Industry said today.
For the year 2021, India is the Chair of the BRICS (Brazil, Russia, India, China & South Africa), a five-nation grouping of emerging economies.
Of the various groups of BRICS, the Contact Group on Economic and Trade Issues (CGETI) is responsible for economic and trade matters. The Department of Commerce is the national coordinator for the BRICS CGETI.
During the meeting, the BRICS Members deliberated on the proposals circulated by India, for strengthening and increasing the Intra-BRICS cooperation and trade, an official press release said.
The proposals related to BRICS Cooperation on Multilateral Trading System; BRICS Framework for ensuring Consumer Protection in E-Commerce; Non-Tariff Measures (NTM) Resolution Mechanism for SPS/TBT Measures; Sanitary and Phytosanitary (SPS) Working Mechanism; Cooperation framework for the protection of Genetic Resources, Traditional Knowledge and Traditional Cultural Expressions; BRICS Framework on Cooperation in Professional Services.
The Members agreed to take forward the proposals to finalise them before the BRICS Trade Minister’s meeting to be held on September 3, to be chaired by Commerce & Industry Minister Piyush Goyal.
They also agreed to some events proposed by India comprising a BRICS Trade Fair to showcase various products. The Department of Commerce will organise a buyer-sellers virtual meet on August 16-18.
A roundtable of BRICS MSMEs will be held on July 22 to be organised by the Ministry of Micro, Small & Medium Enterprises. Two workshops on Services Trade Statistics were to be held on July 16 and August 13, to be organised by the Reserve Bank of India.