BRICS trade at $282 bn in 2011: China

Annual trade volume among the five members of BRICS Brazil,Russia,India,China and South Africa increased to USD 282.8 billion last year,China’s Vice Minister of Commerce Wang Chao said today.

Addressing a symposium here,Wang said the gross trade volume between China and the other four members of the BRICS had jumped 37.6 per cent year-on-year to USD 282.8 billion last year,accounting for 7.7 per cent of China’s total foreign trade volume for the year.

China has became the biggest trade partner of Brazil,Russia and South Africa and the second-biggest trade partner of India,state-run Xinhua quoted Wang as saying.

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The symposium,attended by BRICS delegations,discussed topics regarding trade remedies in a bid to familiarise BRICS members with international economic and trade rules.

The BRICS members agreed to cooperate more closely on fighting trade protectionism and promoting fair trade,Xinhua reported.