The 14th BRICS Trade Ministers Meeting was held on July 26, 2024 in Moscow, Russia. This meeting brought together ministers of economy and foreign trade from the BRICS nations (Brazil, Russia, India, China, and South Africa) as well as new BRICS members Iran, Egypt, Ethiopia and UAE.

Overview of the Meeting

The 14th BRICS Trade Ministers Meeting was a significant event in the context of global trade, reflecting the collective interests and aspirations of the BRICS nations—Brazil, Russia, India, China, and South Africa—as well as the newly admitted members: Iran, Egypt, Ethiopia, and the UAE. This meeting was part of Russia’s presidency of BRICS for 2024, which emphasized the theme of “Strengthening Multilateralism for Just Global Development.”

Objectives and Themes

Strengthening Multilateralism

A core objective of the meeting was to reinforce the multilateral trading system, particularly through the World Trade Organization (WTO). The ministers recognized the importance of a rules-based international trading system that promotes fair competition and equitable trade practices.

Sustainable Development

The discussions also focused on sustainability in trade, particularly in the context of value and supply chains. The ministers explored strategies to enhance the resilience of these chains against global disruptions, which have become increasingly relevant in the wake of the COVID-19 pandemic and geopolitical tensions.

Technological Advancements

The integration of Artificial Intelligence (AI) technologies into trade and investment was another key topic. The ministers acknowledged the transformative potential of AI in optimizing trade processes, improving efficiency, and fostering innovation. They discussed ways to facilitate the adoption of these technologies among member nations.

Key Discussion Points

Agricultural Trade

Agricultural trade was highlighted as a critical area for cooperation. The ministers discussed strategies to enhance food security, promote sustainable agricultural practices, and facilitate trade in agricultural products among BRICS countries.

E-Commerce and Consumer Rights

With the rise of digital trade, the protection of consumer rights in e-commerce was a significant focus. The ministers explored frameworks to ensure consumer protection while promoting cross-border e-commerce, aiming to create a secure and trustworthy environment for digital transactions.

Support for SMEs

The meeting underscored the importance of small and medium enterprises (SMEs) in driving economic growth and job creation. The ministers emphasized the need for enhanced cooperation to support SMEs through access to markets, finance, and technology, thereby fostering inclusive economic development.

Special Economic Zones

The ministers discussed enhancing interaction through Special Economic Zones (SEZs) as a means to attract foreign investment and promote industrial development. They explored best practices and successful models from member countries to foster economic collaboration through SEZs.

Outcomes of the Meeting

Joint Statement

The meeting concluded with the adoption of a joint statement by the trade ministers, outlining their commitments to enhance cooperation in various areas discussed. This statement serves as a roadmap for future collaboration among BRICS nations, emphasizing the importance of collective action in addressing global trade challenges.

Bilateral Meetings

On the sidelines of the meeting, several bilateral discussions took place between trade officials from different BRICS countries. These meetings provided an opportunity to address specific trade issues and explore avenues for deeper economic cooperation.

Notable Participants

• Sunil Barthwal, India’s Commerce Secretary, represented India at the meeting. He highlighted the importance of a strengthened multilateral trading system and shared insights on India’s successful digitalization initiatives and e-commerce strategies.
• Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, represented the UAE, which joined BRICS as a new member. His participation marked a significant step in enhancing trade relations within the BRICS framework.
• Piyush Goyal, India’s Commerce and Industry Minister, was expected to attend, reflecting India’s active engagement in BRICS trade discussions.

The 14th BRICS Trade Ministers Meeting in Moscow was a pivotal event that underscored the commitment of member nations to collaborate on pressing trade issues in a rapidly changing global landscape. By focusing on multilateralism, sustainability, technological advancements, and support for SMEs, the BRICS nations aim to create a more equitable and resilient global trading system. The outcomes of this meeting will likely influence future trade policies and cooperation among these major emerging economies.