India chairs BRICS Contact Group on Economic and Trade Issues

From 12 to 14 July, 2021 the BRICS meeting on Contact Group on Economic and Trade Issues (CGETI) was held.

Key Points

• During the three day CGETI meeting, the BRICS members deliberated on the proposals which were circulated by India. These proposals were mainly for increasing and strengthening the intra-BRICS trade and cooperation was said by the Ministry of Commerce and Industry.

Proposals made by India

The proposals put forward by India are

• Cooperation of BRICS regarding Multilateral Trading System.
• A framework to ensure Consumer Protection in E-Commerce.
• For SPS/TBT measures, Non-Tariff Measures resolution mechanism.
• Working Mechanism on Phytosanitary and Sanitary.
• A Framework of BRICS regarding Cooperation in the Professional Services.

Outcome of the meeting

All the BRICS Members have agreed upon India’s proposals and seeks to finalise them before the BRICS Trade Ministers’ meeting, on 3^rd September, 2021 and will be chaired by Piyush Goyal, Indian Commerce and Industry Minister.

The members also agreed to three more of India’s proposals which were put forward to strengthen economy and trade.

From 16^th to 18^th August, 2021 have virtual sellers and buyers meet and a BRICS trade fair.

On 22^nd July, 2021 a MSME round-table will be held.

Two workshops on Services Trade Statistics to be held on 16^th July, and 13^th August, 2021.

Month: Current Affairs - July, 2021