Committed to raise economic cooperation to a qualitatively new level: BRICS

Highlighting their commitment to raising their economic cooperation to a qualitatively new level, the BRICS countries have emphasized the importance of establishing a road map for intra-BRICS economic cooperation.

The BRICS countries have committed to raise our economic cooperation to a qualitatively new level. To achieve this, we emphasize the importance of establishing a road map for intra-BRICS economic cooperation. In this regard, we welcome the proposals for a "BRICS Economic Cooperation Strategy" and a "Framework of BRICS Closer Economic Partnership", which lay down steps to promote intra-BRICS economic, trade and investment cooperation," said Fortaleza Declaration at the end of the summit late last night.

" Based on the documents tabled and informed by the input of the BRICS Think Tanks Council (BTTC), we instruct our Sherpas to advance discussions with a view to submit their proposal for endorsement by the next BRICS Summit," the declaration added.

The declaration further said: "We believe all countries should enjoy due rights, equal opportunities and fair participation in global economic, financial and trade affairs, recognizing that countries have different capacities and are at different levels of development."

"We strive for an open world economy with efficient allocation of resources, free flow of goods, and fair and orderly competition to the benefit of all," it added.

In reaffirming their support for an open, inclusive, non-discriminatory, transparent and rule-based multilateral trading system, the BRICS countries said: "we will continue our efforts towards the successful conclusion of the Doha Round of the World Trade Organization (WTO), following the positive results of the Ninth Ministerial Conference (MC9), held in Bali, Indonesia, in December 2013."

" In this context, we reaffirm our commitment to establish by the end of this year a post-Bali work program for concluding the Doha Round, based on the progress already made and in keeping with the mandate established in the Doha Development Agenda," they added.