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BRICS trade ministers attend Shanghai meeting

Updated: Aug 1,2017 9:09 PM     Xinhua

SHANGHAI — Trade ministers of BRICS nations are discussing trade facilitation, economic and technological cooperation, capacity building and the multilateral trade system at their annual meeting in Shanghai, according to China’s minister of commerce.

Zhong Shan, also chairman of the seventh meeting of trade ministers of Brazil, Russia, India, China and South Africa, made the remarks at the opening ceremony of the two-day event which started on Aug 1 in Shanghai.

BRICS countries have created a new paradigm for mutual benefit among emerging and developing countries since the mechanism was established in 2006.

Contributing nearly one-quarter of global economic output and half of world economic growth, BRICS nations play an increasingly significant role in driving the global economy and governance.

Amid uncertainties in the global economic recovery, Zhong called on BRICS nations to expand cooperation and explore new impetus.

“Safeguarding the multilateral trade system and the rise against protectionism serve the common interests of emerging and developing economies,” Zhong said. “As the host nation of this year’s meeting, China has confidence in implementing the consensus reached by leaders of BRICS nations. The Shanghai meeting will pave way for the leaders summit later this year.”

China, which took over the BRICS presidency this year, will host the Ninth BRICS Summit in September in Xiamen, Southeast China’s Fujian province.