The 10th Meeting of the BRICS Trade Ministers was held virtually on July 23, 2020, under the chairmanship of Russia. This meeting was a significant event in the BRICS calendar, focusing on enhancing economic cooperation among the member countries amid the global challenges posed by the COVID-19 pandemic. Here are the detailed aspects of the meeting:

Participants

The meeting was attended by the trade ministers from the BRICS nations—Brazil, Russia, India, China, and South Africa. Notably, the Russian Minister of Economic Development, Maxim Reshetnikov, played a key role in the proceedings.

Key Documents and Outcomes

Several important documents were adopted and discussed during the meeting:

• Joint Communiqué: This document outlined the collective stance and future directions agreed upon by the trade ministers.
• BRICS Understanding on Investment Facilitation: This document emphasized the group’s commitment to facilitating investment among member countries.
• Guidelines for Promoting Effective Participation of Micro, Small, and Medium Enterprises (MSMEs) in International Trade: These guidelines aimed at enhancing the role of MSMEs in global trade.
• Joint Statement on Multilateral Trading System and the WTO Reform: This statement highlighted the BRICS countries’ support for a robust multilateral trading system and necessary reforms in the World Trade Organization (WTO).

Topics Discussed

The discussions during the meeting covered a range of critical issues:

• Economic Recovery Post-Pandemic: The trade ministers deliberated on measures to overcome the economic consequences of the COVID-19 pandemic, emphasizing the need for coordinated efforts to ensure economic stability and growth.
• Strengthening Multilateral Trade: The ministers reiterated their support for the multilateral trading system and discussed potential reforms in the WTO to make it more effective and inclusive.
• Investment Facilitation: The adoption of the BRICS Understanding on Investment Facilitation underscored the group’s focus on creating a conducive environment for investments among the member countries.

Significance

This meeting was part of a series of high-level BRICS ministerial meetings held throughout 2020, demonstrating the group’s commitment to continued cooperation despite the challenges posed by the global pandemic. The virtual format of the meeting reflected the adaptability of the BRICS nations in maintaining their collaborative efforts during unprecedented times.

Additional Information

• Opening Remarks: The meeting included opening remarks by Russian Minister of Economic Development Maxim Reshetnikov, who emphasized BRICS’s strengthened position in the world economy despite the pandemic.
• Participation by China: Chinese Minister Zhong Shan also participated in the meeting, highlighting China’s active role in the BRICS economic dialogue.

The 10th BRICS Trade Ministers Meeting was a crucial platform for the member countries to strategize on economic recovery and cooperation, reinforcing their collective efforts to navigate the global economic landscape during a challenging period.