BRICS trade ministers seek more cooperation

Agreements to furthen cooperation in MSME, services trade and standards also undertaken

Trade ministers from the five BRICS nations agreed to enhance cooperation in the areas of intellectual property rights (IPRs) and e-commerce, while also committing to remove non-tariff barriers to trade.

More cooperation in micro, small and medium enterprises (MSMEs), services trade and standards is also on the cards, said commerce and industry minister Nirmala Sitharaman.

The grouping — Brazil, Russia, India, China and South Africa — held its sixth trade ministers meet at a time when global trade growth has significantly slowed. Intra-BRICS trade is now $242 billion, a figure which can grow manifold, experts said.

Strengthening of IPR norms and speeding legislation through the IPR Cooperation Mechanism is expected to give a fillip to trade. The framework for BRICS E-commerce Cooperation, signed in 2015, is to include enhanced capacity building and cooperation on infrastructure.