Wednesday, March 28, 2012

BRICS Trade & Economic Ministers for cordination and co-operation

Energy Security, situation in Syria, developments in West Asia and economic situation will be high on the agenda of one day BRICS Summit being held in New Delhi tomorrow. The fourth summit of the regional grouping of the leaders of Brazil, Russia, India, China and South Africa will discuss steps to jointly respond to the common challenges. Some agreements are expected to be signed allowing individual development banks to extend credit to other members and boosting cooperation in the development of the infrastructure.

Ahead of the summit level meeting, Trade and Economic Ministers reviewed the global economic situation. In a joint Statement issued at the end of the BRICS Trade Ministers meeting in New Delhi today, the member nations emphasised the need to resist protectionist tendencies and to promote international trade as an engine of economic growth and development and to pursue their legitimate objectives of growth, development and stability. The BRICS Ministers noted that subsidies in agriculture by some developed countries continue to distort trade and undermine the food security and development prospects of developing countries.

The Ministers of BRICS expressed deep concern at the current impasse in the Doha Development Round, and reiterated that they remain fully committed to an early conclusion of the negotiations.
The BRICS Ministers agreed to coordinate their positions at the WTO and in other multilateral fora including G-20 Trade Ministers meet. They also took note of the discussions in the Contact Group on Economic and Trade Issues on Russia’s proposal for setting up BRICS Projects, Platforms, technology pool for joint projects developm

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