The BRICS Trade Ministers Meeting held on March 26, 2013, in Durban, South Africa, was the third such meeting and took place on the eve of the Fifth BRICS Summit. The theme for the summit was “BRICS and Africa: Partnership for Development, Integration and Industrialisation”.

Key Discussions and Outcomes

1. Global Economic Developments:
– The ministers expressed concern over the weakened global economic growth in 2012 and its expected continuation. They identified recession, fragile growth, and deflationary conditions in advanced economies as key issues affecting global trade and capital flows.
– Despite these challenges, they noted that BRICS countries continued to contribute significantly to global economic recovery through robust intra-BRICS trade and investment.

2. WTO and Doha Development Agenda:
– The ministers reaffirmed the importance of the World Trade Organization (WTO) and the Doha Development Agenda, emphasizing the need for a transparent and inclusive multilateral trading system.
– They stressed the need to resist protectionist tendencies and to promote international trade as a means of economic growth and development.

3. Customs Cooperation and Trade Facilitation:
– The ministers welcomed the extensive work on customs cooperation and trade facilitation within the BRICS framework, which aimed to boost intra-BRICS trade.
– They endorsed the BRICS Trade and Investment Cooperation Framework and instructed its implementation.

4. BRICS Business Forum and BRICS Business Council:

– The meeting also included the BRICS Business Forum, attended by approximately 600 companies from BRICS countries, providing a platform for interaction and networking to promote cooperation in various sectors such as infrastructure, finance, agriculture, and green energy.
– The ministers welcomed the launch of the BRICS Business Council to facilitate ongoing engagement between the business communities of BRICS countries.

5. Support for Africa’s Development Agenda:
– The ministers acknowledged Africa’s improved development prospects and its growing economic opportunities. They committed to supporting Africa’s development agenda by investing in infrastructure, agriculture, and manufacturing sectors.
– They emphasized the need for structural transformation in Africa to achieve sustainable industrial development and regional integration.

The meeting underscored the commitment of BRICS countries to deepen economic cooperation, support multilateral trade systems, and contribute to global economic recovery. The discussions also highlighted the importance of supporting Africa’s development and enhancing intra-BRICS trade and investment.