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BRICS nations working to facilitate intra-grouping trade
Thursday July 19, 2012 07:53:38 PM,
IANS
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New Delhi: BRICS countries are currently moving
ahead in areas in which the five member-countries can easily
cooperate such as trade facilitation, said an Indian government
official.
"We are leaving out contentious issues at the moment and focusing
on areas where we can most easily cooperate," Zothan Khuma, joint
secretary in the commerce ministry told IANS.
Khuma listed out the areas of such cooperation as being customs,
trade facilitation and small and medium enterprises (SMEs).
The BRICS (Brazil, Russia, India, China and South Africa)
countries command a gross domestic product of $13.7 trillion and
the New Delhi Leaders' Summit in March this year asked the
countries to strive to achieve an intra-grouping trade of $500
billion by 2015.
Khuma said in the SME sector, Russian diplomats have proposed a
"technology platform" whereby Russian patent holders would
cooperate with the private sector in BRICS countries for
incubating specific technologies towards their commercially viable
production.
E-commerce development and investment cooperation were also
identified as areas of cooperation.
A BRICS contact group on economic and trade issues was formed last
year to initiate cooperation in the identified areas.
Another official, Usha Titus, director in India's finance
ministry, said the proposed BRICS Development Bank would be
important to mobilise savings towards addressing global
infrastructure issues like energy requirements, which are
estimated to need investments of $33 trillion in the next 25
years, and 64 percent of which would be needed in the developing
economies.
Participating in a seminar, "BRICS Trade Investment and Finance
Cooperation" here earlier this week, financial analyst Bandi Ram
Prasad said there is great possibility of intra-BRICS finance
cooperation.
He pointed out that India ranked among the top five nations in
equity derivatives and is also among the top three in commodity
futures, while China is ahead of the table in terms of both value
of stocks and market capitalization.
Putting in perspective the significance of the multilateral group
in the global context, Dinesh Bhatia, joint secretary in the
external affairs ministry, said BRICS is emerging as a factor of
stability and growth in view of the global economic crisis.
The EU has praised BRICS as an attempt at an orderly reform of the
global governance system.
The seminar was organised jointly by the New Delhi based
think-tank Observer Research Foundation (ORF) and Jaipur-based
NGO, CUTS International.
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