Trade ministers of BRICS on Thursday stressed greater cooperation among members on e-commerce and intellectual property right (IPR) and sought faster removal of non-tariff barriers to boost trade and improve the group’s participation in the world trade.
“The ministers reiterated the importance of strengthening intra-BRICS cooperation on e-commerce…The ministers have emphasised the need for cooperation to boost e-commerce development in the BRICS countries, enhance capacity building and promote cooperation on infrastructure,” a joint communique said, after a meeting of BRICS trade ministers.
Meanwhile, at the same event Sitharaman said that BRICS can play an important role in strengthening multi-lateral institutions like WTO, IMF and UN systems.
The global governance structures “do not reflect the reality and this is where urgent changes are required”.
“It is from this point of view that articulation of positions by BRICS countries and taking united stand on issues of common concern, holds immense significance for ensuring equity, justice and inclusiveness for developing countries,” Sitharaman said.
She further said that establishment of New Development Bank is indicative of the urgent need for reforms of the global financial system towards new rules-setting. FE & PTI