Outcome of BRICS trade ministers meeting - CNBC Africa

Outcome of BRICS trade ministers meeting


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Outcome of BRICS trade ministers meeting. PHOTO: Getty Images

Firstly, the ministers assessed the global economic situation and highlighted a number of areas that need to be addressed.

(READ MORE: BRICS platform can be used to tackle problem sectors)

Issues such as improving international governance structures for better policy coordination as well as increase their commitment to trade and investment among the BRICS countries but refraining from trade protection measures that are incompatible with their World Trade Organisation (WTO) obligations.

The ministers also vowed to pursue all objectives set during the WTO Ministerial Conference held in Bali in December 2013 by supporting a multilateral trading system, developing a WTO work programme that will lead to more balance and transparency as well as improve on the Doha Development Agenda.

(WATCH VIDEO: Tensions surrounding Doha trade talks)  

A number of plans to strengthen trade and investment among the BRICS countries prepared by the Contact Group for Economic Trade Issues (CGETI) were also actioned.

Plans such as the Joint Trade Study to promote value added exports, the BRICS Trade and Investment Facilitation Action Plan to support the BRICS cooperation framework as well as the proposal to establish a BRICS expert Dialogue on Electronic Commerce.

Strengthening links between micro, small and medium enterprises (MSME) of the BRICS was also highlighted. Options such as Information sharing on the MSME regulatory framework, promoting business to business contacts and identifying appropriate institutional framework s for MSME cooperation were also explored.