Piyush Goyal to chair BRICS trade meeting in September

Commerce and industry minister Piyush Goyal will, in September, chair a meeting of the BRICS group of nations that is expected to discuss a set of proposals by India to boost trade and cooperation.

An official statement from the commerce ministry said the other members--Brazil, Russia, China, and South Africa—have agreed to take forward New Delhi's proposals to finalise them before the 3 September meeting to be chaired by Goyal.

The proposals seek to deepen trade and economic ties and include a framework for ensuring consumer protection in e-commerce, a mechanism to resolve non-tariff measures relating to sanitary and phytosanitary measures (relating to food safety, animal and plant health standards) and technical barriers to trade. The plan also covers a framework for cooperation on the protection of genetic resources, traditional knowledge and cultural expressions. Traditional cultural expressions include local elements of culture such as folk songs and graphic designs which may have a commercial value.

India is chairing the BRICS grouping for the year 2021. A meeting of the BRICS representatives on economic and trade issues was held between 12 July and 14 July where India circulated its proposals.

To deepen trade and economic ties, India will also hold a BRICS trade fair and virtual buyer and seller meet in August. A round table of small businesses from BRICS will also be held later this week.

BRICS nations are keen on closer ties in cross-border trade as it will help cut red tape and boost trade, which is a key element of the national economic recovery plans of many countries. India is also pursuing cooperation on mutual administrative assistance in the area of customs, which will help in checking tax evasion.