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6th Meeting of the BRICS Trade Ministers

News and Press Release - Dated:- 13-10-2016 - Trade Ministers Communique 1. The was held on 13 October, 2016 in New Delhi on the threshold of the 8th BRICS Summit on 15-16 October, 2016 in Goa, India. The Meeting was preceded by the 13th meeting of the BRICS Contact Group on Economic and Trade Issues (CGETI) which was held from 11-12 October, 2016. The Trade Ministers meeting made an assessment of the BRICS economic scenario in relation to areas of cooperation on trade and investment. The Minist .....

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he globe etc. Given this scenario, the Ministers noted that the October, 2016 World Economic Outlook Update of the International Monetary Fund projected the global economic growth forecasts for 2016 and 2017 at 3.1% and 3.4% respectively. The Ministers are of the view that the projected growth rates for 2017 in the Outlook for BRICS countries augurs well when compared with 2016. 3 Ministers recognized the importance of preserving policy space to promote industrialization, industrial upgrading an .....

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earliest. The Ministers agreed that close cooperation among the CGETI, the BRICS Business Council and New Development Bank is useful for implementing and bringing the BRICS Economic Cooperation to a new high quality level. Micro Small and Medium Enterprises (MSMEs) 5. The Ministers recognised the importance of the Micro, Small and Medium Enterprises (MSME) to the balanced economic development of the BRICS countries. The Ministers acknowledge the role of MSMEs as the engines of export led growth .....

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nt amongst the MSMEs. 7. With a view to ensuring greater business engagement amongst MSMEs in the BRICS region, the Ministers emphasised the importance of developing cooperation among MSMEs in the crucial areas of trade and investment. This cooperation can be in the form of exchange of information on the regulatory framework, rules, regulations and good regulatory practises governing MSMEs; interface among the major chambers of commerce and industry of the MSMEs; and participation of MSME stakeh .....

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rs look forward to constructive engagement on the elements of the cooperation framework by all BRICS Members in the future. BRICS Business Council and economic cooperation 10. BRICS Trade Ministers considered the continuing role of the BRICS Business Council (BBC) and emphasised the need for the Council to focus on the development and realization of joint projects which would on a mutually beneficial basis contribute to the economic development objectives of BRICS Members. To this end, Trade Min .....

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es (NTM) 11. The Ministers emphasized that the increase in NTMs constrain the participation of developing countries in global trade. The Ministers commended the CGETI for developing a working document on BRICS Mechanism for NTM Resolution. The Ministers agreed in principle to the concepts in the Mechanism and urged the CGETI to advance this work including on the issue of scope. Standards 12. The Ministers endorsed the Framework for Cooperation on Standardisation that was agreed to by the CGETI. .....

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is important for the group to cooperate with the aim of promoting complementarities on services trade. The Ministers highlighted the importance of facilitating expansion of trade in services by addressing existing barriers. The Ministers endorsed the Framework for Cooperation on Trade in Services . Trade Promotion 17. The Ministers expressed their appreciation that India is holding the 1st BRICS Trade Fair from 12-14 October, 2016 in New Delhi. This Fair is an opportunity for stakeholders in the .....

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. The Ministers noted that the BRICS Trade Promotion Working Group would create a forum for the Trade Promotion Agencies in the BRICS region to interface towards the promotion of value added trade which would also support integration into global value chains. It is vital that these agencies co-ordinate in other trade and investment events so that the BRICS value added products and services can be showcased more effectively. The Ministers instructed the working group to effectively coordinate act .....

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e for all their clearances. 20. The Ministers endorsed the Framework for BRICS Single Window Cooperation and underlined the importance of closer cooperation among the BRICS countries in the development of their national single windows. They emphasised the need for BRICS countries to operationalize the Framework based on the Guiding Principles, Objectives and Priorities for Cooperation. IPR Cooperation 21. The Ministers highlighted the importance of cooperation on intellectual property rights (IP .....

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cided upon and endeavor to advance cooperation in a more systematic and coordinated manner. E-commerce 22. The Ministers reiterated the importance of strengthening intra-BRICS cooperation on E-commerce and appreciated the progress achieved since the adoption of the Framework for BRICS E-commerce Cooperation in 2015. The Ministers have emphasized the need for cooperation to boost [e-commerce development in the BRICS countries, enhance capacity building and promote cooperation on infrastructure 23 .....

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