The 7th Meeting of BRICS Trade Ministers was held on August 1-2, 2017, in Shanghai, China. Here’s an expanded overview of the event:

Participants:

The meeting was chaired by H.E. Zhong Shan, China’s Minister of Commerce. Other attendees included:
– Nirmala Sitharaman, Minister of State for Commerce and Industry (India)
– Rob Davies, Minister of Trade and Industry (South Africa)
– Marcelo Maia Tavares de Araujo, Secretary of Commerce and Services of Ministry of Industry (Brazil)
– Maxim Oreshkin, Minister of Economic Development (Russia)

Key Discussions:

The trade ministers discussed several important topics, including:
– Trade facilitation
– Economic and technological cooperation
– Capacity building
– Multilateral trade system

3. Outcomes and Agreements:
The meeting resulted in the adoption of several documents:
– Terms of Reference of BRICS Model E-Port Network
– Outlines For BRICS Investment Facilitation
– BRICS Trade in Services Cooperation Roadmap
– BRICS E-commerce Cooperation Initiative
– BRICS IPR Cooperation Guidelines
– Framework on Strengthening the Economic and Technical Cooperation for BRICS Countries

Significant Points:

– Support for the multilateral trading system and opposition to trade protectionism
– Commitment to maintaining a rules-based, transparent, non-discriminatory, open, and inclusive multilateral trading system
– Pledge to ensure balanced and development-oriented results at the upcoming 11th WTO Ministerial Conference
– Welcome and support for China’s International Import Expo scheduled for 2018

China-Brazil Cooperation:

On August 1, China and Brazil signed a memorandum of understanding to diversify service trade and upgrade their commerce structure. This Two-Year Action Plan aims to improve service trade in eight areas, including engineering, architecture, e-commerce, banking automation, and tourism.

BRICS Economic Impact:

BRICS countries contribute nearly one-quarter of global economic output and half of world economic growth, playing an increasingly significant role in driving the global economy and governance.

Additional Events:

– A collective courtesy call on Vice Premier Wang Yang was organized for the BRICS Trade Ministers on August 2
– A bilateral meeting between the Indian Commerce and Industry Minister and the Chinese Commerce Minister was held on August 1

Significance:

This meeting was an important preparatory event for the BRICS summit scheduled for September 2017 in Xiamen, China. It marked the beginning of the second “golden decade” of BRICS cooperation in the economic and trade field.

China’s Role:

As the host nation and BRICS presidency holder for 2017, China expressed confidence in implementing the consensus reached by BRICS leaders and emphasized the importance of the Shanghai meeting in paving the way for the upcoming leaders’ summit.

The meeting concluded successfully, with all participating nations expressing their commitment to strengthening economic ties and cooperation within the BRICS framework, as well as addressing global economic challenges and uncertainties.