The 5th BRICS Industry Ministers Meeting was held virtually on August 18, 2021, hosted by India. This meeting was part of India’s chairship of BRICS for the year 2021. The event brought together industry ministers from Brazil, Russia, India, China, and South Africa to discuss various economic and trade-related matters.

Meeting Details

The meeting was held virtually on August 18, 2021, due to the ongoing COVID-19 pandemic.

Host

India, as the BRICS chair for 2021, hosted the event. The meeting was chaired by Piyush Goyal, India’s Minister of Commerce and Industry.

Theme

The overarching theme for India’s BRICS Chairship in 2021 was “BRICS@15: Intra BRICS Cooperation for Continuity, Consolidation and Consensus.”

Key Discussion Points

1. Industry 4.0: The ministers discussed the impact of the Fourth Industrial Revolution on BRICS economies and strategies to harness its potential.
2. Digital Economy: Emphasis was placed on promoting digital transformation and the growth of the digital economy within BRICS nations.
3. Micro, Small, and Medium Enterprises (MSMEs): The meeting addressed ways to support and strengthen MSMEs, recognizing their crucial role in economic growth and job creation.
4. Trade Cooperation: Ministers explored avenues to enhance intra-BRICS trade and investment.
5. Sustainable Development: Discussions included strategies for promoting sustainable industrial development and green manufacturing practices.
6. Post-Pandemic Recovery: The meeting focused on collaborative efforts to support industrial recovery in the wake of the COVID-19 pandemic.

Outcomes and Agreements

1. Joint Declaration: The ministers adopted a joint declaration outlining their shared vision and commitments.
2. New Industrial Revolution Partnership (PartNIR): The meeting likely reviewed progress on the PartNIR initiative, which aims to deepen BRICS cooperation in digitalization, industrialization, innovation, and inclusiveness.
3. BRICS Innovation Base: Discussions may have included updates on the establishment of the BRICS Innovation Base to strengthen cooperation in 5G, AI, and other emerging technologies.
4. Supply Chain Resilience: The ministers likely agreed on measures to enhance supply chain resilience among BRICS nations.
5. Skill Development: Commitments were likely made to promote skill development initiatives to prepare the workforce for Industry 4.0.

Significance

This meeting was particularly important as it addressed industrial and economic cooperation in the context of global recovery from the COVID-19 pandemic. It provided a platform for BRICS nations to align their industrial policies, share best practices, and formulate strategies for mutual growth and development.The outcomes of this meeting were expected to contribute to the broader discussions at the 13th BRICS Summit held later in September 2021, also hosted virtually by India.