BRICS ties support trade, recovery, MSMEs

2023-08-10 08:19:12China Daily Editor : Li Yan ECNS App Download

Stronger cooperation and better coordination among BRICS countries — Brazil, Russia, India, China and South Africa — are expected to strengthen world economic recovery as well as the multilateral trading system, experts said on Wednesday.

Also, strong BRICS relations can stabilize global supply chains and support the growth of micro, small and medium-sized enterprises (MSMEs) in the current challenging environment, they said after the 13th BRICS trade ministers' meeting, held online on Monday, achieved consensus on cooperation frameworks.

The bloc will make joint efforts to promote open, resilient, efficient and stable global supply chains, and help MSMEs to better integrate into global value chains, China's Ministry of Commerce said in a statement on Tuesday.

The BRICS trade and economy ministers also agreed to strengthen the multilateral trade system with the World Trade Organization at its core and participate in the reform of the WTO with a constructive attitude.

They condemned some developed countries for adopting unilateral and discriminatory measures like the carbon border adjustment mechanism and tax incentives.

Such measures will fragment global supply chains. So, the BRICS countries will make joint efforts to address the challenge, in order to ensure global supply chains bring benefits to people all over the world, they said.

"Better coordinated and stable economic and trade relations of the five major developing economies will strengthen their capabilities to cope with challenges and spur their economic recovery, providing a model of multilateralism-based cooperation for other developing countries seeking development," said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation.

"In particular, their strengthened cooperation on supply chain coordination will lead to increased efficiency in promoting innovations in key areas of social and economic development, and address external pressures," he said, stressing major economies are all seeking heavier positions on global supply chains, which reinforces the need for supply chain resilience through coordination.

Besides, inclusion of MSMEs in the BRICS cooperation on supply chains will also help smaller enterprises to grow better, he said, adding this move is of great significance to BRICS countries as they seek to expand their markets.

Compared with bigger enterprises, smaller enterprises are usually less capable of participating in, and utilizing, global supply chains, he said.

Zheng Wei, a researcher with the Shanghai-based China Outsourcing Institute, said closer cooperation among the BRICS countries will unleash more potential for development in not only themselves but the whole world.

"Given the downward pressure of the global economy, the rising anti-globalization sentiment, and some Western countries' pursuit of decoupling, BRICS countries' joint efforts to promote smooth and effective operation of global supply chains are becoming even more valuable," Zheng said.

Their common voice on the multilateral trading system, WTO reform, protectionism and globalization will strengthen free trade, investment and global economic cooperation, he said.

According to the MOC, the BRICS ministers of trade and economy also agreed to expand cooperation in the fields of digital economy and green development. They also reached a consensus on inviting non-BRICS countries to discuss the digital economy and exploring cooperation with other developing countries and the least developed countries.

The multilateral trade system with like-minded non-BRICS members will also be strengthened, in order to create a sound trade environment conducive to development.

China will join efforts with other countries to deepen BRICS economic and trade cooperation, and ensure that BRICS' contribution to the world economic recovery will grow, the MOC said.

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