First BRICS Trade Fair-PIB

The Vice President of India, Shri M. Hamid Ansari Inaugurates First Brazil, Russia, India, China and South Africa (BRICS) Trade Fair.

Some Take outs from the text of Vice President’s address:

BRICS group represents a shift in the global political economy, global institutions and global governance issues, as emerging economies enhance their cooperation to find solutions for the economic challenges affecting them.
Brazil, Russia, China, South Africa and India – together account for 43% of the world’s population and represent the dynamism, the growth, the future of world trade.
BRICS has already identified the basic principles for enhancing the trade and investment relations, as reflected in the theme of India’s BRICS chairmanship- ‘Building Responsive, Inclusive and Collective Solutions’.

To achieve this objective BRICS would need to;

(a) create a business-friendly environment for investors and entrepreneurs,

(b) foster the liberalisation of trade in Services, especially in promoting movement of people,

(d) promote information exchange and

(e) increase the trade in each other’s currency.

This Trade Fair is an excellent opportunity for encouraging intra-BRICS synergies adding that the identification of specific cooperation areas – innovation, technology, energy, infrastructure and agri-business – spanning trade in goods and services, as well as the participation of investment promotion agencies, will reap rich dividends.
The BRICS group is as much a symbol as it is a concrete establishment. The group represents a shift in the global political economy, global institutions and global governance issues, as emerging economies enhance their cooperation to find solutions for the economic challenges affecting them.
Brazil, Russia, China, South Africa and India – together account for 43% of the world’s population, 15% of global trade and 20% of the world’s investment flows.

The theme of India’s BRICS chairmanship- ‘Building Responsive, Inclusive and Collective Solutions’.

To achieve this objective, we, within the BRICS, would need to;

First, create a business-friendly environment for investors and entrepreneurs in all member countries with a view to promote mutual trade and investment; and facilitate market inter-linkages and enhance market access opportunities.
Second, BRICS would need to foster the liberalisation of trade in Services, especially in promoting movement of people for commercial activity, both with BRICS and globally. The proposal for a BRICS visa on a long-term basis for genuine travelers, is one such effort aimed at stimulating greater economic activity by enhanced mobility of our entrepreneurs.
Third, we need to enhance and diversify trade and investment cooperation that support value addition. Value-added trade has a role in transforming our economies from providers of raw material into key players in the global economy.
Fourth, we also need to build resilience to external economic shocks and strengthen macro-economic policy coordination by promoting information exchange through agreed platforms and by deepening our interaction and cooperation with non-BRICS countries, international organizations and forums.
Fifth, we need to increase our trade in each other’s currency to further pluralize trading currencies and lessen the use of a single dominant currency. Transition to trade in national currencies will reduce the risk volatility and protect us from adverse fluctuations, which often cause huge economic and trade losses.

Conclusion:

This Trade Fair is an excellent opportunity for encouraging intra-BRICS synergies by linking both the BRICS Business Forum and the BRICS Business Council.
The identification of specific cooperation areas– innovation, technology, energy, infrastructure and agri-business– spanning trade in goods and services, as well as the participation of investment promotion agencies, will reap rich dividends.

ABHIYAN COURSES 2023