BRICS trade ministers meet concludes in Shanghai

The two-day meeting of the BRICS (Brazil, Russia, India, China and South Africa) trade ministers was held in Shanghai, the commerce ministry today said.

A six-member delegation led by Commerce and Industry Minister Nirmala Sitharaman participated in the August 1-2 meeting.

It said the ministers adopted seven documents at the conclusion of the meeting and that includes trade in services cooperation roadmap, e-commerce cooperation initiative and framework on strengthening the economic and technical cooperation, and outlines for BRICS investment facilitation.

The ministry also said that Sitharaman held a bilateral meeting with her Chinese counterpart yesterday.

This meeting assumes significance as there is a huge trade deficit between the two countries.
 

India's trade deficit with China has marginally dipped to USD 51 billion in 2016-17 from USD 52.69 billion in the previous fiscal.

India's bilateral trade with China stood at USD 71.48 billion in 2016-17.