BRICS Industry Ministers Meeting 2020 August 24, virtual hosted by Russia

The BRICS Industry Ministers Meeting in 2020 was conducted virtually due to the global COVID-19 pandemic. The meeting brought together industry ministers and representatives from Brazil, Russia, India, China, and South Africa to discuss and enhance industrial cooperation among the BRICS nations.

Theme and Objectives

The central theme of the meeting was “Prospects, Measures, and Priorities for Strengthening Cooperation Among BRICS Countries and Promoting Industrial Development in the Context of the New Industrial Revolution.” The objectives included:

  • Strengthening industrial cooperation among BRICS countries.
  • Promoting industrial development in the context of the New Industrial Revolution (NIR).
  • Addressing the challenges posed by the COVID-19 pandemic.
  • Ensuring sustainable and inclusive economic recovery.

Key Participants

The meeting saw the participation of high-level representatives from the industrial authorities of the BRICS countries:

  • Brazil: Ministry of Economy
  • Russia: Ministry of Industry and Trade
  • India: Ministry of Commerce and Industry
  • China: Ministry of Industry and Information Technology
  • South Africa: Department of Trade, Industry and Competition

Additionally, the United Nations Industrial Development Organization (UNIDO) also took part in the discussions.

Key Discussions and Outcomes

Joint Statement on Strengthening Cooperation

A significant outcome of the meeting was the adoption of the Joint Statement on Strengthening Cooperation in the Field of the New Industrial Revolution. This statement emphasized the need for BRICS countries to:

  • Unite more closely.
  • Carry forward the spirit of BRICS.
  • Deepen BRICS cooperation.
  • Seize development opportunities.
  • Jointly face challenges.
  • Promote sustainable economic and social development.

Areas of Cooperation

The discussions focused on several key areas of cooperation:

  • Digitalization: Emphasizing the importance of digital technologies in transforming industries and enhancing productivity.
  • Industrialization: Promoting advanced manufacturing and industrial development.
  • Innovation: Encouraging innovation and technological advancements to drive industrial growth.
  • Inclusiveness: Ensuring that industrial development is inclusive and benefits all segments of society.
  • Investment: Facilitating investments in industrial sectors to boost economic growth.

Addressing COVID-19 Challenges

The meeting also addressed the challenges posed by the COVID-19 pandemic. The ministers emphasized the need for cooperation to:

  • Maintain macroeconomic stability.
  • Support businesses and industries affected by the pandemic.
  • Lead to a sustainable and inclusive global economic recovery.

New Industrial Revolution (NIR)

The New Industrial Revolution was a focal point of the discussions. The ministers highlighted the importance of:

  • Embracing new technologies such as artificial intelligence, robotics, and the Internet of Things (IoT).
  • Enhancing the digital infrastructure to support industrial growth.
  • Promoting research and development (R&D) to foster innovation.

The BRICS Industry Ministers Meeting in 2020 underscored the importance of cooperation among BRICS countries in the face of global challenges. The meeting provided a platform for the countries to discuss strategies for industrial development and to strengthen their collaboration in the context of the New Industrial Revolution. The adoption of the Joint Statement on Strengthening Cooperation in the Field of the New Industrial Revolution marked a significant step towards achieving these goals.

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