BRICS countries to step up economic, trade cooperation: MOC

BEIJING, Nov. 18 (Xinhua) -- BRICS countries have agreed to strengthen economic and trade cooperation in the next five years, according to China's Ministry of Commerce (MOC).

Illustration: GT

Member countries have decided to improve trade facilitation and are committed to safeguarding the multilateral trading system as part of efforts to enhance anti-pandemic cooperation, said Chen Chao, an official with the MOC.

Chen described the consensus as one of the important achievements of the 12th BRICS summit.

BRICS countries have formed a strategy for economic partnerships, focusing on three key areas, including trade investment and finance, digital economy and sustainable development.

The strategy also includes goals of cooperation in the areas of supply chain connectivity, innovation and technology, as well as micro, small and medium-sized enterprises.

Meanwhile, BRICS countries have pledged to improve the business environment, as well as enhance cooperation in information exchange and capacity building in areas such as intellectual property, digital economy and service trade.

The consensus and achievements reached by BRICS countries will help strengthen cohesion among member states and hasten post-pandemic economic recovery in a world hit by COVID-19-triggered recession and increasing anti-globalization sentiment, said Chen.

The 12th BRICS summit was held Tuesday via video link due to the impact of COVID-19.