The BRICS Trade Ministers Meeting held on March 28, 2012, in New Delhi, India, was the second such meeting among the BRICS nations, comprising Brazil, Russia, India, China, and South Africa. This meeting was part of the broader Fourth BRICS Summit, which took place the following day on March 29, 2012.

Key Outcomes and Discussions

1. Global Economic Situation:
   • The ministers reviewed the global economic landscape, expressing concerns about the ongoing difficulties faced by many countries. They emphasized the importance of resisting protectionist policies and promoting international trade as a driver of economic growth and development.
2. Doha Development Round:
   • The BRICS Trade Ministers expressed deep concern over the impasse in the Doha Development Round negotiations. They reiterated their commitment to an early conclusion of the negotiations, emphasizing the need for outcomes that preserve the centrality of development within the Doha mandate.
3. Role of UNCTAD:
   • The ministers reaffirmed the significant role of the United Nations Conference on Trade and Development (UNCTAD) in trade, development, and related issues. They stressed the importance of maintaining and strengthening UNCTAD’s mandate, particularly in light of the global economic crisis and challenges to multilateralism.
4. Intra-BRICS Cooperation:
   • Discussions included enhancing intra-BRICS cooperation, particularly in customs cooperation, trade facilitation, investment promotion, and intellectual property rights. The ministers directed their officials to explore ways to further this cooperation to support industrialization and employment within BRICS countries.
5. Trade Agreements:
   • The BRICS countries signed agreements to promote trade in local currencies, aiming to reduce reliance on the US dollar. This included the Master Agreement on Extending Credit Facility in Local Currency and the Multilateral Letter of Credit Confirmation Facility Agreement.
6. BRICS Projects Platform:
   • The ministers took note of discussions on Russia’s proposal for setting up BRICS Projects Platforms or a technology pool for joint project development. They directed officials to explore ways to enhance cooperation in these areas.

Context and Significance

The meeting took place against a backdrop of significant global economic challenges, including the Eurozone crisis and a sluggish global recovery. The BRICS nations, representing a substantial portion of the world’s population and economic output, sought to coordinate their policies and strengthen their economic ties to better navigate these challenges.The outcomes of this meeting were later incorporated into the broader discussions at the Fourth BRICS Summit, which aimed to promote global stability, security, and prosperity through enhanced cooperation among the member states.