Speed Post News Network
New Delhi : For the year 2021, India is the Chair of the BRICS (Brazil, Russia, India, China & South Africa). Of the various groups of BRICS, the Contact Group on Economic and Trade Issues (CGETI) is responsible for economic and trade matters. The Department of Commerce is the national coordinator for the BRICS CGETI.
Meeting of the CGETI was held from July 12-14, 2021. During the three day meeting, the BRICS Members deliberated on the following proposals circulated by India, for strengthening and increasing the Intra-BRICS cooperation and trade:
- BRICS Cooperation on Multilateral Trading System;
- BRICS Framework for ensuring Consumer Protection in E-Commerce;
- Non-Tariff Measures (NTM) Resolution Mechanism for SPS/TBT Measures;
- Sanitary and Phytosanitary (SPS) Working Mechanism;
- Cooperation framework for protection of Genetic Resources, Traditional Knowledge and Traditional Cultural Expressions;
- BRICS Framework on Cooperation in Professional Services.
BRICS Members agreed to take forward India’s proposals to finalise them before the BRICS Trade Minister’s meeting to be held on September 3, 2021, to be chaired by Piyush Goyal, the Commerce and Industry Minister, according to a PIB release.
To deepen and strengthen the trade and economy, following events proposed by India were also agreed by the BRICS Members:
- A BRICS Trade Fair to showcase and to have buyer and sellers virtual meet from August 16-18, 2021, to be organised by the Department of Commerce;
- A roundtable of BRICS MSMEs on July 22, 2021, to be organised by the Ministry of Micro, Small & Medium Enterprises;
- Two workshops on Services Trade Statistics on July 16, 2021 and August 13, 2021, to be organised by the Reserve Bank of India.