14th BRICS Trade Ministers Meeting 2024

The 14th BRICS Trade Ministers Meeting, chaired by Mr. Maxim Reshetnikov, focused on key areas of trade and economic cooperation. The ministers stressed the importance of a fair, rules-based multilateral trading system anchored by the WTO, expressing concern over unilateral trade measures and market-distorting subsidies. They endorsed declarations on the WTO, joint value chains, climate-related trade measures, and trade facilitation in agriculture. Other highlights included discussions on fostering e-commerce, digital technology integration, support for MSMEs, and promoting Special Economic Zones. The ministers also emphasized intellectual property rights and collaboration on green trade and standards to meet climate goals.
October 1, 2024

Multilateral Trading System and the World Trade Organization (WTO)

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The BRICS Trade Ministers convened under the Chairmanship of Mr. Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, to assess the progress in trade and economic cooperation and to discuss future joint actions in areas of mutual interest.

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The Ministers emphasized the importance of a predictable, fair, equitable, and competitive trade environment in line with WTO rules to foster global economic prosperity. They expressed concerns over unilateral trade measures, protectionist environmental policies, and the ongoing global subsidy race, which disrupt market balance and global trade. They endorsed the BRICS Declaration on the WTO, reaffirming their support for a transparent, rules-based multilateral trading system with the WTO at its core.

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The Ministers welcomed the outcomes of the 13th Ministerial Conference in Abu Dhabi and reiterated their commitment to implementing WTO Ministerial decisions. However, they acknowledged the need for further work on unresolved issues and emphasized the importance of transparent, inclusive, and consensus-driven discussions within the WTO. They highlighted the necessity of restoring the WTO’s fully functioning dispute settlement system by 2024 and pledged to enhance dialogue on multilateral trading system matters.

Strengthening Joint Value Chains

Recognizing the BRICS nations as major global producers of natural resources, the Ministers underscored the importance of secure, resilient, and open supply chains for sustainable development. They committed to enhancing cooperation across the entire value chain and opposed unilateral protectionist measures that violate WTO provisions. The Ministers endorsed the BRICS Statement on Ensuring Effective Functioning of Joint Value Chains.

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Trade-Related Climate Measures

The Ministers stressed that a stable, transparent, and predictable trading environment, consistent with WTO rules, is crucial for achieving climate and environmental goals. They opposed the use of protectionist and trade-distorting measures disguised as environmental policies, calling for enhanced multilateral cooperation on environmental challenges. The Ministers endorsed the BRICS Statement on Environmental and Climate-Related Trade Measures and emphasized the need for developed countries to fulfill commitments related to climate finance, technology transfer, and capacity building under the UNFCCC and the Paris Agreement.

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Agricultural Trade Facilitation

The resilience of agricultural supply chains and the unimpeded trade of agricultural products were highlighted as essential for food security, especially for low-income farmers. The Ministers agreed to work on trade facilitation in agriculture, focusing on regulatory issues and the use of digital technologies such as electronic documents and payments. They endorsed the BRICS Principles on Trade Facilitation in Agriculture to address food security challenges faced by developing nations.

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Cooperation on Special Economic Zones

The Ministers reaffirmed the potential of Special Economic Zones (SEZs) in promoting trade and industrial cooperation. They recognized the role of SEZs in providing investment opportunities and agreed to promote capacity-building initiatives, share best practices, and assist businesses in localizing production. They endorsed the BRICS Cooperation Framework on Special Economic Zones.

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Fostering E-Commerce

E-commerce was recognized as a key driver of global economic growth. The Ministers emphasized the potential of BRICS countries in e-commerce and committed to enhancing trust and protecting the rights of e-commerce participants. They endorsed the BRICS Joint Statement on Fostering E-Commerce, which outlines the vision for consumer protection, online dispute resolution, and integrating businesses into global trade through e-commerce.

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Exploring the Role of Digital Technologies

The Ministers highlighted the importance of technological advancement and agreed to collaborate on exploring the potential of digital technologies in trade and investment. They pledged to conduct capacity-building activities and share experiences in applying digital technologies, in line with the BRICS digital economy agenda.

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Support for MSMEs

The BRICS Ministers acknowledged the critical role of Micro, Small, and Medium Enterprises (MSMEs) in driving economic growth, increasing labor productivity, and improving the quality of goods and services. They agreed to exchange practices for supporting MSMEs through digital platforms and services. The Ministers expressed satisfaction with the ongoing work on the publication "MSME Sector in BRICS: Trends and Cooperation Opportunities", aimed at enhancing MSME development and cooperation within BRICS.

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Additional Areas of Cooperation

The Ministers reaffirmed the importance of ongoing cooperation in technical regulation, standards, metrology, and accreditation. They welcomed initiatives under the BRICS IPR Cooperation Mechanism, particularly in the commercialization of intellectual property and the adoption of advanced technologies like Artificial Intelligence. Additionally, the Ministers welcomed the outcomes of the BRICS Partnership for Digital Economy Development conference, recognizing its contribution to cross-border cooperation in the digital economy.

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Conclusion

The 14th BRICS Trade Ministers Meeting reaffirmed the group’s commitment to fostering multilateral cooperation, enhancing trade and investment, and promoting sustainable development through collective efforts. The Ministers emphasized the importance of joint action in various sectors, from agriculture to e-commerce, and highlighted their shared vision for a fair, transparent, and inclusive global trading system.

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Annexes:

  1. BRICS Declaration on the WTO
  2. BRICS Dialogue on Ensuring Effective Functioning of Joint Value Chains
  3. BRICS Statement on Environmental and Climate-Related Trade Measures
  4. BRICS Principles on Trade Facilitation in Agriculture
  5. BRICS Cooperation Framework on Special Economic Zones
  6. BRICS Joint Statement on Fostering E-Commerce

Source: brics-russia2024

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