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BRICS reiterates commitment to foster open, fair and non-discriminatory trade environment

The industry ministers of Brazil, Russia, China and South Africa (BRICS) reiterated their commitment to foster an open, fair, and non-discriminatory trade environment to ensure greater participation in global value chains by promoting digital inclusion and encouraging the sustainable use of disruptive technologies for advancing growth.

India, chairing the 5th meeting of BRICS industry ministers, expressed its desire to expand the horizon of the New Development Bank (NDB) in strengthening social infrastructure besides promoting the industrial sector. The ministers agreed to collaborate with the NDB. The multilateral financial institution became fully operational in 2016 with an aim to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies.

BRICS ministers recognised the unprecedented impact of the Covid-19 pandemic particularly on the trade and industry, an official statement said. The virtual meeting was chaired by India’s minister of commerce and industry Piyush Goyal on Wednesday. It was attended by Chinese minister of industry Xiao Yaqing, South African trade minister Ebrahim Patel, Brazil’s deputy minister for economy Carlos Da Costa and Russian industry minister Denis Manturov.


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