BRICS trade ministers agree to strengthen multilateral cooperation
Updated 20:09, 10-Jun-2022
By Wang Hui
The Port of Yantian in Shenzhen, south China's Guangdong Province. /CFP

The Port of Yantian in Shenzhen, south China's Guangdong Province. /CFP

BRICS trade ministers agreed on Thursday during a video meeting to strengthen cooperation in areas such as digital economy, trade, investment, sustainable development, supply chain and multilateral trading systems. 

The 12th BRICS Trade Ministers Meeting was hosted by China, the current BRICS president. The participants issued a joint communique, and agreed to strengthen multilateral trade, reform the global trading system, expand cooperation in supply chains and digital economy, increase trade and investment, and promote sustainable development.

Chinese Vice Premier Hu Chunhua addressed the meeting, reiterating President Xi Jinping's remarks that BRICS countries should uphold the principle of mutual benefit, and expand cooperation in trade and investment, technological innovation, and green and low-carbon industries.

"BRICS countries should jointly maintain the safety and stability of global industrial chains, facilitate cooperation in digital economy, firmly safeguard the multilateral trading system, support the reform of the world trade organization, and protect the legitimate rights of developing countries."

Hu added that China will continue to expand its high-level opening up and ink more free trade agreements, while continuing to share development opportunities with the rest of the world.

Chinese Commerce Minister Wang Wentao also addressed the meeting, saying BRICS countries are playing an important role in the global economic recovery.

"We should jointly promote globalization along with more openness, inclusiveness, mutual benefits and win-win cooperation. We support multilateral trading systems, but we are against unilateralism and protectionism. We should build an open world economy and protect the interests of developing countries."

The BRICS countries account for 40 percent of the world population and a quarter of the global economy. Besides the trade ministers' meeting, there will also be a series of ministerial level meetings before the BRICS summit later this year, covering aspects like industries, environment and foreign affairs.

Hu said China will continue to work with BRICS member states to implement the goals set during the previous summits, including facilitating global trade for high-level development and consolidating the bloc's efforts to promote global economic recovery.

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