SME Times News Bureau | 06 Sep, 2021
During the 11thBRICS Trade Ministers' Meeting held in virtual format on 3rd
September, 2021, with Piyush Goyal, Minister of Commerce and Industry,
the meeting, discussed among the MSME sector of the member countries.
The meeting was attended by Trade and Economic Ministers of
BRICS Countries (Brazil, Russia, India, China and South Africa).
Services Trade Statistics enabled sharing of best practices and learning
from each other to bridge the gap in services data compilation
The MSME Roundtable was held to promote the cause of the
MSME sector through learning of best practices amongst BRICS countries.
India has also organized a number of B2B events through the BRICS
Business Council and the BRICS Women’s Business Alliance to advance
business cooperation in BRICS countries.
Goyal in his opening remarks, welcomed his counterparts
to the Meeting being held in the year when India is celebrating 75th
year of independence – ‘Azadi Ka Amrit Mahotsav’.
to the impact of COVID-19, he mentioned about the various immediate
supportive actions taken by India, including the milestones reached in
vaccination as well as the significant fiscal and monetary support
extended to overcome its impact.
He stressed for the BRICS countries to
work together for strengthening the Multilateral system, with WTO at its
core, and need for a balanced and inclusive outcome in the forthcoming
WTO Ministerial Conference (MC12)keeping in mind the developmental needs
of developing countries and Least Developed Countries. He highlighted
the principles of Special & Differential Treatment and the “Common
but Differentiated Responsibility”. He also emphasized, amongst other
things, on the need for a permanent, adequate and equitable solution to
the Public Stock Holding programmes for food security purposes; early
outcome of the TRIPS Waiver proposal for vaccines, therapeutics and
diagnostics; adoption of emerging new technologies in a swiftly changing
world while finding solution to the challenges of data protection and
cyber security; and ensuring sustainable consumption and production
Goyal noted that despite numerous challenges and constraints, on
account of the COVID–19 pandemic and the associated travel restrictions,
India was successful in building consensus for new areas of work and
cooperation amongst BRICS countries.
Common understanding amongst BRICS
countries for the first time on those areas resulted in new declarations
related to consumer protection, e-commerce, genetic resources and
traditional knowledge, cooperation in professional services apart from
others such as a common approach towards the multilateral trading system
for the WTO Ministerial Conference (MC- 12).
countries endorsed the Framework for Cooperation in Trade in
Professional Services with the objectives of enhancing domestic capacity
and global competitiveness, promoting participation in intra-BRICS
mobility of professionals and enhancing intra-BRICS trade in
professional services. This is definitely a move forward for advancing
co-operation in this sphere in areas or sub-sectors of mutual interest.
BRICS members could for the first time reach a consensus for jointly
working towards protection of genetic resources, traditional knowledge
and traditional Cultural Expressions so as to address the issue of its
misappropriation through mandatory disclosure of source of origin of the
resource and the disclosure of the evidence of prior informed consent
and access and benefit sharing.
This will also help moving together in
international forums on this issue.
this era of exponential jump in the use of e-commerce and online
electronic transactions, the convergence to draw a common Action plan
amongst BRICS countries will help in to promote exploring practical
options for ensuring consumer protection.
could successfully draw a common implementation roadmap for the BRICS
countries in the field of trade and investment to meet the aspirations
of the BRICS strategy 2025.
theme chosen by India for its BRICS Chairship is BRICS@15: Intra BRICS
Cooperation for Continuity, Consolidation and Consensus. During the
year, India has successfully conducted activities including the 2nd
edition of the BRICS Trade Fair (in virtual mode), a unique event by
India amongst the BRICS countries wherein more than 600 companies from
BRICS countries showcased their products and services.
BRICS Ministers appreciated India for having made significant
contributions to BRICS cooperation through these initiatives. The
Ministers adopted the 11thBRICS Trade Ministers’ Joint
Communique and five other documents proposed by India. The Hon’ble BRICS
Ministers acknowledged the importance of strengthening intra-BRICS
cooperation in achieving the common goal of making our goods and
services globally competitive and further integrating into the global
meeting ended with the Shir Piyush Goyal thanking the BRICS Countries
for their support in taking the BRICS agenda forward and expressed hope
to meet at the upcoming G-20 and MC-12 meetings of trade ministers.