Services, trade-barriers to figure in BRICS Trade Ministers meet

Member countries would also deliberate on increasing cooperation in IPR related matters to promote innovation and entrepreneurship.

By: PTI | New Delhi | Published:September 11, 2016 1:31 pm
BRICS, Services, trade-barriers, Trade Ministers meet, trade, Brazil, Russia, India, China, South Africa, news, latest news, India news, national news, latest news There will also be a meeting of BRICS Business Council, which would deliberate on ways to increase investments, and a three-day trade fair, starting from October 12 in New Delhi. (Representational)

Non-tariff barriers, ways to promote services sector and cooperation in intellectual property rights (IPRs) are the key issues to be discussed in the meeting of trade ministers of BRICS on October 13 in New Delhi. Besides, trade ministers of Brazil, Russia, India, China and South Africa (BRICS) would also deliberate on enhancing collaboration among small and medium enterprises (SMEs), an official said.

“Before this meet, senior officials of these five countries would meet on October 11 and 12 to work out the details about ways to boost commerce and investments,” the official added. The officials of the group are also expected to work on an outcome document which could find place in the communique released after the meeting of the trade ministers. Member countries would also deliberate on increasing cooperation in IPR related matters to promote innovation and entrepreneurship.

Experts stated that India should raise the issue of non- tariff barriers which domestic exporters are facing in Brazil, Russia and China.

“Exporters face lot of issues related to registration of pharmaceutical products, sanitary and phytosanitary matters in agri goods and certain mandatory norms in IT sector. These acts as barriers which needs to be removed to boost trade among BRICS members,” said Ajay Sahai, DG of Federation of Indian Export Organisations (FIEO).

Trade Expert and Professor at Jawaharlal Nehru University, Biswajit Dhar, said member countries should enhance their cooperation not only at regional level but also at multi-lateral forums like WTO.

“Currently there is lack of coordination among BRICS members on trade related matters. Close coordination is required in that front at the WTO related matters also,” Dhar said.

There will also be a meeting of BRICS Business Council, which would deliberate on ways to increase investments, and a three-day trade fair, starting from October 12 in New Delhi. These meetings are part of the eighth annual Summit of BRICS. India is hosting summit from October 15-16 in Goa in its capacity as chair of the influential bloc comprising five countries with 42 per cent of the world population and combined GDP of over USD 16 trillion.