BRICS countries commit

BRICS countries commit

A new economic strategy launched at the recent BRICS summit aims

to boost economic cooperation between Brazil, Russia, India, China and South Africa (BRICS) BRICS countries commit.

The Strategy for BRICS Economic Partnership was adopted at the latest BRICS Summit held in Ufa, Russia, in July.

The same year a number of new initiatives to improve cooperation among members of the bloc were also introduced.

The strategy aims to further deepen trade and investment ties within BRICS, by among others,

increasing value-added exports and promoting investments in each other’s economies.

Speaking at the summit, President Jacob Zuma welcomed the adoption of the strategy which

he said would provide a platform for further intensifying economic cooperation among member countries in all identifi ed priority sectors.

“South Africa is eagerly looking forward to working together with our fellow BRICS countries, to implement the strategy for the benefi t of our people,” he said.

President Zuma added that since South Africa joined the bloc, the country’s trade with fellow BRICS countries had expanded

“exponentially”, having grown to 43 per cent between 2011 and last year – from R268 billion to R382 billion.

Together BRICS accounts for 43 per cent of the world’s population, almost 30 per cent of the world’s economy and produces a third of the world’s industrial products as well as half of all agricultural goods.

At the summit the BRICS leaders said the new strategy would form the key guideline for expanding trade and investment between countries.

It would also encourage cooperation in manufacturing and minerals processing, energy, agriculture, innovation, fi nance, and information and communications technology (ICT).

Of particular importance, notes the strategy, is the need to promote value-added trade among BRICS countries

by focusing on the outcomes of a joint trade study undertaken by South Africa’s Department of Trade and Industry and presented at the 2014 BRICS summit in Fortaleza, Brazil.

BRICS leaders have now directed the relevant ministries and agencies to take steps to implement the strategy.

For more information:  ฮานอยพัฒนา

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