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2020 Moscow Summit: November 17, Russia (virtual)

Strategy for BRICS Economic Partnership 2025

Strategy for BRICS Economic Partnership 2025

«We express our commitment to sustainable development in its three dimensions – economic, social and environmental – in a balanced and integrated manner. All our citizens, in all parts of respective territories, including remote areas, deserve to fully enjoy the benefits of sustainable development… We reiterate the importance of the implementation of the 2030 Agenda for Sustainable Development and call for redoubled efforts for its timely implementation».

11th BRICS Summit Brasilia Declaration

The Strategy for BRICS Economic Partnership 2025 (thereinafter – BRICS Strategy) defines a development path of BRICS and sets the framework for cooperation of its members in accordance with current economic trends and conditions.

By adopting the BRICS Strategy the countries demonstrate their determination to jointly address new global challenges, including macroeconomic shocks and financial volatility, and draw up a positive, balanced and clear economic agenda, including for intra-BRICS cooperation. The BRICS countries express their aspiration to stimulate strong economic growth, confront macroeconomic shocks and financial volatility, support the multilateral trading system based on the rules and principles of the World Trade Organization (WTO), and resist emerging global uncertainty caused by a number of factors, including rise of unilateral and protectionist measures that run counter to the spirit and rules of the WTO.

The grouping confirms its will to embrace the digitization wave, which opens the floor for raising effectiveness and economic competitiveness, improving quality of life, addressing digital divide as well as for overcoming cumulative social, economic, infrastructure imbalances, all being factors of sustainable growth in BRICS.

Identifying opportunities for pragmatic cooperation and creating conditions for reducing potential risks on international markets, BRICS put an emphasis on inclusive economic growth, poverty reduction and the need to ensure socio-economic engagement of the BRICS population, especially women, youth and the elderly lacking opportunities to fulfill their economic potential. This approach, among others, calls for strengthening physical linkages, institutional cooperation and people-to- people exchanges in BRICS, particularly important for economic development of urban and rural areas.

Basic Principles

BRICS Strategy is based on the following principles:

– full respect for the economic sovereignty of the Member States;

– commitment to international law and recognition of the leading role of the United Nations (UN) in development and security;

– account for national interests, priorities, growth and development strategies of the BRICS members;

– openness, sharing of information and consensus in decision-making;

– commitment to the rules and principles of the multilateral trading system as embodied in the Marrakesh Agreement Establishing the WTO, as well as avoidance of unilateralism and protectionist measures that run counter to the spirit and rules of the WTO;

– recognition of the multipolar nature of the international economic and financial system;

– commitment to supporting sustainable development, strong, balanced and inclusive growth;

– commitment to mutually beneficial cooperation within BRICS.

BRICS also recognize that one of the cornerstones of cooperation is an aspiration to achieving connectivity as a prerequisite for enhancing the grouping’s competitiveness and positive impact. Strengthening physical linkages, institutional cooperation and people-to-people exchanges represents a common necessity for all the BRICS members, thus, it shall be moved forward in a comprehensive, integrated and systematic manner with the means of developing the mentioned-below spheres.

Priority Areas of Partnership

I. Trade, Investment, Finance

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:

Trade

– enhance trade and economic cooperation, including with respect to reducing barriers in mutual trade in goods and services, where possible and continue to implement the BRICS Action Agenda on Economic and Trade Cooperation;

– contribute to strengthening an open, transparent, non-discriminatory, inclusive, rules-based multilateral trading system with the WTO at its core, avoid imposition of trade and investment protectionist measures, and unilateral trade and investment restrictions, which are inconsistent with international commitments;

– support the necessary WTO reform with a view to enhance the WTO’s resilience, authority and efficacy. The reform must, inter alia, and preserve the centrality, core values and fundamental principles of the WTO, and consider the interests of all members, including developing countries and especially least-developed countries among them. The results of the negotiations embody provisions conferring differential and more favourable treatment for developing economies, including special attention to the particular situation of least-developed countries. It is recognized that S&DT is a tool to facilitate the achievement of WTO objectives with respect to economic growth and development;

– promote predictability and enhance transparency of the trade-related measures applied by the WTO members, taking into account difficulties faced by the developing countries and especially least-developed countries among them and enhance transparency in the functioning of the WTO and its negotiation process;

– step up cooperation in the sphere of improving existing and developing new multilateral trading rules, with the aim to promote inclusive growth and development, and to create conducive environment for restoring the trust in multilateralism;

– continue to explore opportunities for intra-BRICS trade and economic cooperation in the areas where BRICS members have already reached joint arrangements and results;

– work towards reduction of barriers in mutual trade in goods and services;

– diversify trade cooperation of the BRICS members to develop new models of production, re-orient markets and increase trade turnover within BRICS;

– foster effective integration of the BRICS enterprises into global and regional value chains;

– enhance supply chain connectivity through identifying bottlenecks in regional supply chains so as to ensure more efficient and timely operation of supply chains;

– share best practices and cooperate on aspects of intellectual property rights in ways that would maintain balance between the interests of owners and users;

– promote cooperation on technical regulation, standards, metrology, conformity assessment and accreditation;

– exchange experience and good practices on various approaches to regulation of e-commerce;

– develop and strengthen customs cooperation including on the authorized economic operators, unveil the potential and explore functional compatibility of national “single window” mechanisms and strive to combat underinvoicing;

– encourage direct contacts between enterprises, associations and other business entities of BRICS with the use of the BRICS Business Council instruments;

– enhance cooperation in competition law enforcement and policies to foster a fair market environment for efficient and sustainable trade development;

Investment

– strengthen investment cooperation with the aim to increase the share of value added goods and services in intra-BRICS trade;

– improve transparency for the development of mutual trade and foreign direct investment cooperation between the BRICS members in order to diversify production and exports;

– enhance investment links between the BRICS countries to support and strengthen industrial development complementarities, sustainable development and inclusive growth;

– improve significantly the investment climate and business environment including by stimulating competition and ensuring predictability and transparency of investment measures on a voluntary basis;

– stimulate interaction and cooperation between BRICS national investment agencies, to promote, attract and facilitate investment;

– promote favorable financial instruments as well as instruments for public-private partnership in order to attract investment in development projects of the BRICS countries;

– support innovative and technological projects in primary areas of collaboration;

– raise awareness about existing intra-BRICS investment opportunities;

– enhance knowledge sharing among the BRICS members on improving business environment, including through the development of instruments aimed at facilitation of investments on a voluntary basis in order to improve their positions in international ease of doing business rankings;

– encourage cooperation of BRICS on technical assistance and capacity building provided to developing countries and especially least-developed countries among them on investment promotion and facilitation;

– attract investment in infrastructure development projects leveraging the various instruments of the New Development Bank;

MSMEs

– cooperate to create favorable conditions for exploring the potential of BRICS MSMEs, among others popularizing and promoting entrepreneurship as well as conducting capacity building activities;

– promote trade and economic intra-BRICS cooperation between MSMEs;

– foster integration of MSMEs in inclusive and diversified regional and global value chains, while unleashing the potential of digital instruments and equal opportunities for MSMEs to participate in e-commerce;

– create a favorable domestic legal framework for the BRICS MSMEs to enter global markets;

– share information about each other’s market that can benefit MSMEs;

– improve accessibility of country level state services, financial and export opportunities for MSMEs, creating new incentives for MSMEs to participate in international projects;

– support cooperation both among MSMEs and with large firms in the sphere of innovation, technology exchange, and research;

– engage MSMEs into construction, logistics, maintenance of transportation and infrastructure facilities to address social and development challenges;

– develop economic cooperation between women entrepreneurs of BRICS and stimulate participation of women-led MSMEs in global trade including through BRICS Women Business Alliance;

– exchange views on measures and approaches to integrating MSMEs in the mainstream economy;

Finance

– exchange views and communicate the positions on the agenda of the Group of Twenty, International Monetary Fund and other international financial institutions;

– cooperate on the issues of reforming the international financial architecture with a focus on increasing the role of BRICS;

– strengthen cooperation on enhancing the BRICS voting share in the IMF and World Bank to increase BRICS representation in the global financial architecture, and expedite the process of IMF governance reform under the 16th General Review including a new quota formula as a guide, by December 15, 2023;

– promote work to increase the share of national currencies in mutual payments;

– strengthen the BRICS countries’ cooperation with regard to payments systems;

– collaborate in the sphere of new financial technologies and information security in the financial sector;

– advance the functioning mechanism of the Contingent Reserve Arrangement (CRA) including by strengthening its legal framework and research potential of the CRA System of Exchange in Macroeconomic Information (SEMI);

– develop domestic capital markets to spur growth and boost financial resilience;

– continue cooperation on establishing the BRICS Local Currency Bond Fund towards its effective functioning;

– continue to facilitate the New Development Bank as a competitive and effective multilateral development institution responding to the interests of all shareholders, while expanding the use of national currencies;

– attract financial resources of national and international development banks, including the New Development Bank, to implement the top-priority projects in BRICS;

– exchange information and best practices in the sphere of stimulating infrastructure investment, intensify cooperation within the BRICS Inter-Bank Cooperation Mechanism and the BRICS Task Force on PPP and Infrastructure;

– expand cooperation between the BRICS tax administrations;

– explore innovative approaches to raising financial literacy among stakeholders;

– combat money-laundering and financing of terrorism.

II. Digital Economy

Digital economy is an important tool for modernization and transformation of the industry, promotion of inclusive economic growth, facilitation of the decision- making process and stimulation of the national economies to meet the 2030 Agenda for Sustainable Development Goals.

Amidst the Fourth Industrial Revolution, accompanied with cross-cutting digitalization of all the economic sectors, development and adoption of digital technologies becomes a determinant of sustainable economic growth of the grouping. Development and adoption of these technologies appear to be of utmost importance for the BRICS population, especially the ones living in urban and rural areas and suffering from limited access to basic social services.

Acknowledging that countries are not at the same levels of digital development, there is a need to focus on addressing digital divide and ensuring shared benefits of digitalization.

Science, technology and innovation preserve their crucial role in fostering inclusive macroeconomic and social policies in BRICS. Prioritization of this track by BRICS makes even more sense against the ever-increasing knowledge-intensity of global GDP, the integration of companies from traditional sectors in the structure of the new economy (knowledge economy), and the ongoing changes in the production value and research and development processes in the global innovation system. In order to bring about synergies from the aforementioned trends, members of BRICS will take steps to:

Digital Transformation

– unveil the potential of and open up opportunities for BRICS population to acquire cutting-edge technologies as the prospective instruments of raising the BRICS competitiveness and productivity, improving quality of life of the BRICS population, ensuring economic growth and enhancing social empowerment and digital inclusion;

– exchange experiences and explore approaches to regulatory issues of digital transformation of economy;

– enhance accessibility and quality of goods and services produced by BRICS with the use of digital technologies;

– address digital divide by bridging the gap in access of BRICS population to digital infrastructure, digital skills and digitally-enabled services and ensure inclusion of digitally deprived segments of society by laying special stress on improving the access and connectivity of people living in rural areas, as well as groups of persons with disabilities, to the Internet;

– promote adequate training and skills development to the workforce and businesses, taking into consideration the challenges and opportunities stemming from the digitization and the Fourth Industrial Revolution;

– develop digital literacy programs for harmonious and inclusive adaptation of the BRICS population;

– share experiences and best practices in unique digital identification systems, systems for Big Data management, and smart cities and communities, and pursue common projects among the BRICS countries;

– acknowledge the importance of digital governance in the era of global digitalization and cooperate with each other in the area of digital governance, including in the framework of the Digital BRICS Task Force (DBTF);

Industry, Innovation and Technology

– ensure greater integration of innovative technologies throughout all sectors of economy, including the traditional industries, building intelligence into processes that enables manufacturers to become more efficient and data-driven;

– promote the development and application of new and emerging technologies and services through the implementation of scientific and technological projects, and creation of an enabling environment for innovation;

– deepen the cooperation in the framework of the BRICS Partnership on New Industrial Revolution (PartNIR) and launch prospective projects under its aegis, with the aim of accelerating the digital transformation of economy, expediting the industrialization process, strengthening innovation impetus, promoting inclusive growth, strengthening cooperation between advanced manufacturing clusters, collaborating on upskilling and reskilling programs related to the NIR gathering synergy of investment together with financial institutions such as the New Development Bank as well as through the consolidation and development of BRICS Innovation Center, Digital BRICS Task Force (DBTF), iBRICS Network, among others;

– encourage opportunities for BRICS and BRICS-UNIDO cooperation in advanced technical skills and training workforce transformation as well as educational infrastructure, facilities for advanced production technologies;

– facilitate the establishment of joint technology platforms, innovation and technology hubs, network of high-technology zones / industry and science parks, research and capacity building centers, industrial development funds as well as business incubators; – follow the open innovations principle in intra-BRICS science and technology cooperation while encouraging sharing research infrastructures;

– expand BRICS collaboration on software and ICT equipment, and realization of projects in this realm;

– widen and deepen cooperation between multi-sectoral high-technology industrial enterprises, inter alia to develop convergent and natural-like technologies;

– enhance scale, scope and impact of the BRICS scientific research and innovation to address societal challenges by co-generation of knowledge, products, services and by co-investment of resources including funds;

– build the BRICS scientific identity in research and innovation in global arena of science and technology and innovation landscape;

– build the next generation scientific leadership including through maintaining interaction in the framework of young scientists forum / innovator forum / conclave.

III. Sustainable Development

Implementation by BRICS of the UN 2030 Agenda for Sustainable Development promoted and enhanced cooperation on advancing sustainable development in three dimensions – economic, social and environmental – in a balanced and integrated manner. BRICS intensified interaction in the fields of addressing climate change, enabling sustainable energy consumption and generation, enhancing the quality of human capital with one of the goals being eradication of poverty, as well as solving the issues of land and water pollution. Taking into account the long-term nature of the 2030 Agenda the BRICS countries will take steps to fulfil the following tasks:

Climate Change

– enhance cooperation on climate change to ensure full and effective implementation of the UNFCCC and its Paris Agreement, reflecting the principles of equity, common but differentiated responsibilities, and respective capabilities, and in the light of different national circumstances;

– create conditions for the development, adoption and production of the technologies and practices that contribute to the reduction of greenhouse gas (GHG) emissions in the atmosphere as well as minimization of human-induced impact on climate and enable increased adaptive potential of the population and the economy to climate change, including by promoting sustainable lifestyles and which will be guided by the principles and provision of UNFCCC and principles of equity and common but differentiated responsibilities and respective capability (CBDR-RC);

– provide an environment where investors can continue to invest with confidence and encourage implementation of projects aimed at supporting adaptation programmes and emissions reductions, as well as increased GHG absorption and adaptation;

– support the cooperation under the BRICS Environmentally Sound Technology Platform;

– encourage usage of low-carbon technologies and the development of special instruments for stimulating such incentives;

– establish cooperation on waste management and related measures, such as collection, transportation, processing, recycling, reusing, waste disposal along with monitoring and regulating management processes while promoting more sustainable patterns of production and consumption including, but not limited to, circular economy and other approaches;

– raise awareness of the BRICS population on risks and threats associated with climate change, and support actions that enable adaptation of natural, human, production and infrastructure systems, including with the financial means of the New Development Bank;

– enhance cooperation on risk management in order to prevent and reduce the impacts of natural and human-made disasters and mitigate their consequences;

– support the development of adequate instruments for financing low-carbon development projects including GHG emissions’ reduction and adaptation initiatives, inter alia by tapping into the potential of the New Development Bank and climate finance available under the mechanisms of UNFCCC and its Paris Agreement;

– cooperate in the implementation of the nationally determined contribution priorities and related plans;

Energy

– enhance interaction in the field of technological and innovative cooperation, in particular by creating conditions for attracting relevant sustainable investment in the energy sector, including through the mechanisms of the New Development Bank;

– promote cooperation and encourage research aimed at developing the energy sector and fostering energy transitions of BRICS countries, including the use of the BRICS Energy Research Cooperation Platform and Roadmap for BRICS Energy Cooperation 2025;

– work towards energy security and stability in world energy markets;

– promote balanced energy mix of non-renewable and renewable sources including natural gas, liquefied natural gas, promote effectiveness and stability of energy markets as well as develop relevant sustainable infrastructure;

– stimulate cooperation in renewable energy sources within BRICS, promote increased uptake of renewable energy in the power, transportation, heat, and industrial sectors;

– conduct capacity building activities among BRICS;

– promote energy efficiency and reduce pollutant emissions in the transportation sector by encouraging wider use of gas, biogas, biofuels, introduction of EV and other advanced transport technologies;

– improve collaboration in development and deployment of advanced clean energy technologies;

– foster cooperation on minerals, including their application on energy transition and low-carbon economy strategies;

– enhance cooperation in energy conservation and promote energy efficiency practices and systems;

– cooperate on skills and capacity transfer in renewable energy technology development and deployment covering wind, solar and hydro-electric energy and bioenergy

– consider nuclear energy as an important contributor to cleaner energy as it produces almost no polluting substances and GHG emissions;

Infrastructural Development

– modernize industrial, transport, logistical, and other infrastructure in BRICS to facilitate infrastructural development;

– encourage development of infrastructure inter-operability to enhance air, land and sea connectivity among countries;

– create and develop safe, resilient, balanced and dynamic transnational transport and logistics systems, as well as ICT infrastructure in urban and rural areas of the BRICS countries;

– ensure efficient city transport systems and freight movement systems, dynamic traffic control systems, and passenger-friendly services;

– foster digitalization and application of advanced technologies in the sphere of transport (including traffic management systems and road and air safety systems);

– exchange information on measures and programs concerning transport and logistics policy, adoption of relevant long-term cooperation programs;

– pursue the sustainable development of urban and rural areas, with the use of innovative technologies and exchange experience in this regard;

– promote development of smart cities among the BRICS countries;

Human Resources Development

– enhance cooperation and exchange best practices on eradicating poverty in all its forms and dimensions, including extreme poverty, for all people everywhere, which is the greatest global challenge and an indispensable requirement for sustainable development, as well as an overarching objective of the 2030 Agenda for Sustainable Development;

– encourage the development of sectors that have a bigger impact, such as education and health, agriculture and infrastructure to eradicate poverty;

– improve quality of life in the BRICS countries, including in urban and rural areas while ensuring access to basic social services and social infrastructure;

– foster the development of social security systems in the BRICS countries with a view to ensure prosperity of all population groups and future generations;

– promote an enabling environment for the provision of medical services, including the prevention of contagious diseases and non-communicable chronic diseases as well as ensuring child and maternal health;

– promote the implementation of universal health coverage in the BRICS countries;

– strengthen cooperation in developing sustainable methods for testing infectious diseases, comprehensively addressing the issues of vaccination and treatments;

– improve a preventative safety and health at work culture in which the right to a safe, healthy and decent working environment is respected at all levels;

– boost education and training aimed at advanced skills to meet the fast-changing demands of the economies of the BRICS countries;

– promote access to equal, inclusive and quality education, including with the means of digital technologies;

– ensure the labour force of BRICS is well-equipped with the up-to-date skills, including to equip it for the Fourth Industrial Revolution;

– address the employment issues, including opportunities for flexible employment, and promote decent work in the BRICS countries;

-establish an adequate minimum wage standard in each BRICS country to ensure reduction of poverty and the basic livelihood of working people;

– endeavor to increase labor productivity, and raise the skills of employees engaged in the advanced industries;

– increase intra-BRICS mobility including business people, health professionals, students, workers, academicians;

– cooperate in the sphere of tourism and travel services in the BRICS countries, attract investment to develop the tourism industry;

– create favorable conditions, including by facilitating the issuance of visas, for long- term cooperation in the field of tourism for the mutual benefit of the BRICS members, in accordance with their national laws and regulations;

– support cultural, academic and youth cooperation between the BRICS countries, promoting greater awareness, understanding and appreciating each other’s culture and both developing existing and exploring new formats of practical collaboration;

Food Security

– provide food security, improve nutrition and facilitate access to food for all, especially the most vulnerable groups of the BRICS population, including those living in rural areas;

– promote cooperation in the area of building sustainable food systems, inter alia through increasing the level of agricultural productivity, ensuring the stability of agricultural markets, intensification of agricultural product trade, and facilitating agricultural investment subject to national laws, reducing food loss and waste, promotion of scientific and technological innovation and etc;

– reinforce the resilience of agriculture including through deepening agricultural South-South cooperation and protection of traditional agricultural civilization which are of great significance to the improvement of the world agricultural production and food security, and to the implementation of the 2030 Agenda;

– develop cooperation in preservation and rational use of water resources, combat against illegal, unreported and unregulated (IUU) fishing and promote sustainable fishing.

Implementation of BRICS Strategy

The BRICS Strategy provides guidance as well as sets the framework for the BRICS cooperation, paving the way for further elaboration of sectoral development strategies, programs and roadmaps by the members to be then implemented under the leadership of respective signatories.

The key formats of realizing BRICS Strategy are exchange of statistical data and methodological approaches towards its accumulation and processing; cooperation between stakeholders (agencies, business associations, youth, women, elderly people, people with disabilities, etc.); joint preparation of proposals on deepening cooperation; exchange of experience, best practices and solutions; launch of pilot projects; conduct of joint research; organization of events, including exhibition activities, business missions, etc.

***

Intra-BRICS cooperation including in the framework of the BRICS Business

Council and the BRICS Interbank Cooperation Mechanism, plays a crucial role for advancing the BRICS joint interests regarding international trade, investment, industry and science and technology realms.

BRICS will more actively exchange views and communicate positions, where possible, and without undermining key national objectives where those are not shared on the key issues of the WTO negotiation agenda, including the WTO reform, with the goal of gaining support from other WTO members and obtaining tangible results.

Members of the grouping will cooperate on achieving the Sustainable Development Goals and aligning the BRICS agenda with the 2030 Agenda. At the same time, BRICS will continue developing mutually beneficial economic cooperation, contributing to strengthening the role of BRICS globally.

***

BRICS Strategy is adopted by BRICS Leaders during the presidency of the Russian Federation in BRICS in 2020.

BRICS Strategy will be revised when appropriate but no less than once in five years.

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