We bind people, cultures and countries together
For more than a decade the key spheres of the BRICS cooperation have included intensification of trade and investment ties within BRICS, provision of financial stability, facilitation of cooperation between companies in the BRICS countries, especially micro-, small and medium-sized enterprises (MSMEs). Noting the current challenges for balanced, inclusive and resilient economic growth of BRICS, the BRICS members will take actions to key directions: trade, investment and finance
BRICS plan outlines ways to boost trade among member nations and globally, aiming for a more open and efficient international trading system.
BRICS nations are committed to working together to create a more open and efficient global trade environment. Here’s a breakdown of their key goals: trading, investment and finances.
By working together on these goals, BRICS nations hope to achieve smoother trade flows, a stronger global trading system, and a more prosperous business environment for all members.
Stronger Multilateral Trade System: BRICS countries support the World Trade Organization (WTO) as the core of a fair and transparent trade system. They advocate for reforms that benefit all members, particularly developing countries.
Reduced Trade Barriers: A core focus is on lowering obstacles within BRICS nations for smoother trade in goods and services. This extends to working with other countries to achieve the same.
Deeper BRICS Cooperation: The plan explores new areas of collaboration within the BRICS group. This includes developing innovative production models and expanding trade volume amongst themselves.
Improved Supply Chains: To ensure efficient movement of goods, BRICS nations aim to identify and address bottlenecks in regional supply chains.
Enhanced Business Connections: The document emphasizes fostering direct connections between companies and business entities from BRICS nations. This can be achieved through existing BRICS Business Council instruments.
Promoting Fair Competition: Collaboration on competition law enforcement is a priority to create a level playing field for businesses within BRICS.
BRICS nations are working together to improve investment climates and attract more investment within the group.
BRICS nations are outlining a comprehensive strategy to attract more foreign direct investment (FDI) within the group.
By implementing this strategy, BRICS nations hope to unlock significant economic potential, attract vital resources for development, and solidify their positions as attractive destinations for global investment.
Increased Representation: BRICS aim to have a bigger say in international financial institutions like the IMF and World Bank, advocating for reform to reflect their growing economic importance.
Local Currencies Take Center Stage: Promoting the use of national currencies in trade settlements is a priority to reduce reliance on external currencies.
Collaboration on Financial Technologies: BRICS nations plan to work together on developing and securing new financial technologies.
Strengthening the BRICS Financial Architecture: This includes enhancing the Contingent Reserve Arrangement (CRA) for financial support and establishing a BRICS Local Currency Bond Fund.
Mobilizing Resources for Development: Attracting investment from national and international development banks will be crucial for funding infrastructure projects within BRICS.
Combating Financial Crime: BRICS plan to cooperate on preventing money laundering and financing of terrorism.
Knowledge exchange on financial literacy, infrastructure investment, and tax administration is a key part of the strategy.
BRICS countries are outlining a plan to strengthen their collective voice and influence in the global financial system.
By collaborating on these initiatives, BRICS nations hope to gain a more prominent role in shaping the global financial landscape and ensure their economies are well-positioned for future growth.
Boost Intra-BRICS Investment: They aim to significantly increase the flow of FDI between member countries, focusing on high-value goods and services. This will strengthen industrial development and create a more integrated BRICS economy.
Enhancing Investment Cooperation: Transparency and collaboration between national investment agencies will be key to attracting more investment.
Collaboration is Key: BRICS national investment agencies will work together to promote investment opportunities and streamline the process for foreign investors.
Sharing Best Practices: Knowledge sharing on improving business environments is a priority to attract investment.
Improved Investment Climate: A cornerstone of the strategy is creating a more transparent and business-friendly environment for foreign investors.
Helping Developing Countries: BRICS aim to offer technical assistance and capacity building to other developing nations on investment promotion.
BRICS nations will exchange successful strategies for integrating MSMEs into the mainstream economy, fostering a more vibrant and inclusive business environment.
BRICS nations are committed to supporting and growing Micro, Small, and Medium Enterprises (MSMEs) within their economies.
By implementing these initiatives, BRICS hope to empower MSMEs to become significant drivers of economic growth and job creation within their countries and on the global stage.
Boosting Entrepreneurship: BRICS will work together to cultivate a culture of entrepreneurship, encouraging more people to start and run businesses.
Intra-BRICS Trade: Facilitating trade and economic cooperation between MSMEs of BRICS countries is a key goal.
Global Reach for MSMEs: BRICS plan to help MSMEs integrate into global and regional value chains, leveraging digital tools and promoting equal opportunities in e-commerce.
Entering New Markets: Creating a supportive legal framework will make it easier for BRICS MSMEs to compete and establish themselves in international markets.
Information Sharing: BRICS countries will share valuable market data to help MSMEs make informed decisions about expanding their businesses.
Empowering Women Entrepreneurs: Supporting women-led businesses is a priority, including promoting their participation in global trade through initiatives like the BRICS Women Business Alliance.