Business leaders lobby BRICS for better trade conditions

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‍Business leaders will be calling on BRICS countries to help create a more “conducive environment” for trade and investment when they meet on Sunday and Monday on the sidelines of the 9th BRICS Summit in Xiamen, southeast China.

The “blue economy” – developing ocean resources – will also be one of the main topics on the agenda at the BRICS Business Forum, which will bring together some 1,200 business managers, experts and representatives from international organizations.

Established in 2010, the Business Forum will for the first time be attended by heads of state and of government. Chinese President Xi Jinping will open the event and deliver a keynote speech, and the leaders of Brazil, South Africa, Egypt and Guinea are also due to attend, organizers said Saturday.

Brazilian President Michel Temer (R) walks with Chinese President Xi Jinping (L) during a welcome ceremony in Beijing, September 1, 2017, ahead of the BRICS Summit in Xiamen. /AFP Photo

This high-level attention, and the participation of representatives from 25 countries, including the UK, the US, Germany, and Australia, means this year’s Forum could have a much stronger voice than in the past.

“We want the leaders to build a more harmonious communication policy so that it will be easier for business people to do business within BRICS countries,” Sun Xiao, policy director for the Forum’s organizing committee, told CGTN on the eve of the event.

Alongside the five BRICS countries – Brazil, Russia, India, China and South Africa – and five emerging markets invited specially to this year’s summit – Egypt, Guinea, Mexico, Tajikistan, and Thailand – representatives from 15 other countries, including some World Top 500 companies, will attend the business talks, noted Sun.

Among them are the head of the UN Industrial Development Organization (UNIDO) Li Yong, as well as CEOs and top managers from India’s Tata Steel, Brazilian food giant BRF, China’s SINOPEC and Lenovo, and Standard Bank, Embraer and Cosco Shipping, among others.

“It shows the business community all over the world has their eyes on the BRICS summit. They have also a great interest in getting involved in BRICS Plus cooperation” – a new idea put forward by China to bring other emerging markets and developing countries into the discussion, Sun noted.

“Blue economy”

Aside from the usual topics of trade, investment and financial cooperation, this weekend’s Business Forum will also focus on “blue economy” – from the development of marine tourism to oil and gas, new energy and marine equipment manufacturing.

“All the five BRICS countries have long coastlines and they have a lot of potential for cooperation in terms of fisheries, marine equipment building, and marine and ocean energy,” Sun, who is also in charge of cooperation and development at the China Chamber of International Commerce, told CGTN.

Waves break over a sea wall at Cape Town Harbor on June 7, 2017, as an intense storm hits South Africa's west coast. /AFP Photo

Many countries have only recently started paying attention to the blue economy and “the BRICS, the new emerging markets, actually do not lag that much behind, compared with developed countries. So we will have more chances to build up our advantage,” he predicted.

Increasing protectionism worldwide, notably in the US, has raised concerns among business leaders lately and will also be discussed at the Forum, Jiang Zengwei, chairman of the China Council for the Promotion of International Trade, said in a separate interview with CGTN.

“This year, a major consensus reached among business leaders is to urge governments to oppose trade protectionism,” he said.

The BRIC mechanism was set up in 2006 – with South Africa adding an “S” in 2010 – to boost trade cooperation between five of the world’s most important emerging markets.

Chaired this year by China, the 9th BRICS Summit kicked off Sunday in the southeastern port city of Xiamen, until Tuesday.

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