BRICS trade and economy ministers intend to strengthen the Multilateral Trade System

China's Ministry of Commerce said on Tuesday, 8 August, that BRICS trade and economy ministers reached consensus and made significant achievements at the seventh virtual ministerial meeting.

During a virtual conference held on Monday, leaders of pertinent divisions concurred to amplify collaboration within the sphere of digital economy and sustainable development. Additionally, they committed to collaborative endeavors aimed at fostering a resilient supply chain and providing assistance to micro, small, and medium-sized enterprises. This information was communicated by an authorized spokesperson from the Ministry of Commerce.

The ministers agreed to strengthen the multilateral trading system, with the World Trade Organisation (WTO) as its core, and constructively engage in WTO reform.

The two sides emphasised that the development of climate change-related policies should be in line with the principle of common but differentiated responsibilities and WTO rules.

They also reached consensus on inviting non-BRICS countries to discuss the digital economy and explore opportunities for co-operation with other developing and least developed countries.

The multilateral trading system with like-minded non-BRICS countries will also be strengthened to foster a favourable trading environment, as reported by Xinhua News Agency, a partner of TV BRICS.

During the meeting, India's Commerce and Industry Minister Piyush Goyal announced his country's plans to launch the BRICS start-up Forum in 2023, aimed at fostering cooperation and knowledge sharing among startups, investors and aspiring entrepreneurs from the five member states.

BRICS is an acronym for five emerging economies - Brazil, Russia, India, China and South Africa.

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