New Delhi: The Minister of Commerce and Industry, Piyush Goyal, said yesterday that Engagement in BRICS Summits provides a platform for discussions and exchange of views on issues of mutual interest. These interactions help develop congruence on various issues and could lead to closer cooperation and strengthening of trade and investment ties between BRICS nations. Through sustained engagement, cooperation amongst BRICS partners in the areas of trade and investment over these years has strengthened.
The New Development Bank has been established with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other developing countries.
At this year’s Trade Ministers Meeting, a Memorandum of Understanding among BRICS Trade and Investment Promotion Agencies/Trade Promotion Organizations was signed. This provides a framework for forging collaboration between Trade and Investment Promotion agencies for facilitating greater trade amongst the BRICS member countries.
The BRICS Joint Trade Study Review helps in fostering greater mutual knowledge, economic cooperation as well as trade and investment opportunities among BRICS countries.
Prime Minister Narendra Modi led the Indian delegation to the 11th BRICS Summit that was held on 14 November in Brasilia under the theme ‘Economic Growth for an Innovative Future.’
BRICS countries in 2018 agreed upon a non-binding and voluntary Working Mechanism on Technical Regulations, Standards, Metrology and Conformity Assessment Procedures for identifying, preventing and eliminating technical barriers to trade with a view to facilitating trade and increasing mutual trade flows.
The Government, through institutional mechanisms like Joint Commission Meetings (JCMs) and Joint Trade Committees (JTCs) addresses market access and other issues like non-tariff measures on a regular basis, with a view to increasing India’s trade, including with BRICS countries.
Goyal shared accounts of the total trade volumes that India holds with BRICS. According to the data, India’s intra-BRICS trade value, i.e. trade with BRICS countries, stood at $113.47 billion in 2017. Out of this, the highest trade volume was with China at $84.42 billion, followed by South Africa at $10.96 billion, Russia at $10.12 billion, and Brazil at $7.97 billion.
India’s total trade with the world in 2017 was $587.36 billion, and, significantly, intra-BRICS trade accounted for 19.32% of that.
This information was given by the Minister of Commerce and Industry, Piyush Goyal, in a written reply in the Lok Sabha on 4 December.
PM Modi had also met Russian President Vladimir Putin on the sidelines of the BRICS Summit. The leaders reviewed Indo-Russian relations, and Modi said both nations will benefit from close ties. According to the data shared by Piyush Goyal, India’s trade with Russia stood at $10.12 billion in 2017.
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