Leaders from Brazil, Russia, India, China, and South Africa (BRICS) have called for enhanced trade cooperation among member nations. During a summit held in the Chinese city of Xiamen, the leaders acknowledged the need to elevate trade within the bloc and explore new avenues for economic growth.
The BRICS bloc comprises of five emerging economies that collectively account for 42% of the world’s population and approximately 23% of global GDP. The member nations have recognized the importance of increasing intra-BRICS cooperation to strengthen their position on the global economic stage.
In order to foster trade, the leaders pledged to explore various initiatives. They emphasized the importance of removing trade barriers and enhancing market access to promote the flow of goods and services. Efforts will be made to streamline customs procedures and reduce non-tariff barriers to facilitate trade among member nations.
The leaders also highlighted the significance of promoting e-commerce and digital trade to unlock the full potential of the digital economy. The advancement of technology and digital platforms has created new opportunities for trade and investment within the BRICS bloc. Harnessing this potential would lead to increased efficiency, productivity, and competitiveness in the region.
Furthermore, the BRICS nations expressed their commitment to fair and open trade practices. They stressed the need to uphold the rules-based multilateral trading system and work towards international trade agreements that benefit all member countries. By fostering an inclusive and equitable trade environment, the BRICS bloc aims to ensure mutual benefits and shared prosperity.
In addition to enhancing trade cooperation, the leaders acknowledged the importance of investment in infrastructure development. They recognized that robust infrastructure is crucial for facilitating trade and economic growth. Therefore, member nations will actively seek investment opportunities in infrastructure projects, supporting the sustainable development of the region.
To facilitate financial cooperation, the leaders also highlighted the BRICS New Development Bank (NDB). The NDB, established by BRICS member nations, aims to mobilize resources for infrastructure and sustainable development projects. The leaders expressed satisfaction with the progress made by the NDB and encouraged further collaboration to strengthen its role in financing development initiatives.
The BRICS leaders also recognized the need to deepen people-to-people exchanges and enhance cultural cooperation among member nations. They acknowledged the potential of tourism, education, and cultural exchanges to strengthen ties and promote mutual understanding. By fostering cultural cooperation, the BRICS countries aim to create a favorable environment for sustained economic growth.
In conclusion, during the BRICS summit held in Xiamen, the member nations emphasized the importance of promoting trade cooperation among themselves. With a collective population of 42% of the world and a substantial share of global GDP, enhancing intra-BRICS trade could lead to significant economic benefits. The leaders pledged to remove trade barriers, promote e-commerce, uphold fair trade practices, invest in infrastructure development, and strengthen financial cooperation through the NDB. Additionally, cultural cooperation and people-to-people exchanges were recognized as crucial for fostering strong ties among member nations. By working together and implementing these initiatives, the BRICS nations aim to achieve mutual benefits, shared prosperity, and a prominent position on the global economic stage.
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