Commerce Secretary participates in the 14th BRICS Trade Ministers’ meeting
NEW DELHI : Commerce Secretary Shri Sunil Barthwal attended the 14th BRICS Trade Ministers’ Meeting held on 26 July 2024 under the BRICS Presidency of Russian Federation. The theme of BRICS this year is “Strengthening Multilateralism for Just Global Development”. While congratulating the Russian Presidency for the bringing in proposal on contemporary issues, Shri Sunil Barthwal, welcomed the new members of BRICS (Iran, Egypt, Ethiopia and UAE) and congratulated them on their fruitful participation in discussions, this year.
The Commerce Secretary expressed the need for strengthening multilateral trading system with WTO at its core, effective functioning of Joint Value Chains, expanding interaction among MSMEs, India’s successful story on Digitalization and e-commerce and the relevance of cooperation among Special Economic Zones.
On the strengthening Multilateralism, he reiterated on the collective efforts to find a solution for long pending mandated issues of WTO, in particular, the development aspect and the Special and Differential treatment. He stressed on the urgent need for resolving the issues including the permanent solution to Public Stock Holding, constitution of two-tier Dispute Settlement system, WTO Reform to be based on the principles & objectives of WTO, leading to more responsive to development requirements of emerging economies, invigorating the WTO through “30 for 30” bringing in alt least 30 operational improvements to the WTO before the organization completes 30 years in 2025. He stressed upon strengthening the resiliency of supply chain through decentralization and diversification, furthering co-operation in value chains through G20 generic Mapping framework for GVCs and by enunciating guiding principles for collaboration. In this context, as an initial step towards digitalization, he stressed on paperless trade including digitalization of documents like Bill of lading.
He laid emphasis on collaboration for making access to affordable emerging technologies critical for green transition and climate resilience. On the climate related unilateral measures impacting trade, Commerce Secretary expressed concern as such measures nullify rights and obligations under specialized Multilateral Environmental Agreements and violative NDC Principles, and ignores the CBDR principles.
The Commerce Secretary also mentioned the importance on MSME related developments and their integration with the Global Value Chains. While re-iterating the Jaipur call for action for enhancing access to information for MSMEs issued during India’s Presidency in 2023, he lauded the Russian Presidency for carrying forward the initiative by making efforts to compile certain basic information pertaining to MSMEs among the BRICS members. As MSME’s are an integral part of the BRICS Members, Commerce Secretary stressed on the importance of cooperation and collective efforts for outcome oriented support for MSMEs. He expressed the need to focus on key areas like, exploring cooperation in the form of Research and Development, Technology transfers and joint Ventures as well as the Business development opportunities.
Commerce Secretary underscored the urgency of accelerating inclusive digital transformation. While referring to India’s success story of building up an open source India Stack of Critical Digital Public infrastructure as part of its digital industrialization following the core principles of open access, transparency, trust and respect for data protection and privacy, expressed India’s willingness to share its experience with the BRICS countries on the e-revolution in the domains of payments, e-commerce, national identity, banking, education etc,
On the Russian presidency’s initiative on cooperation in Special Economic Zones (SEZs), Commerce Secretary acknowledged the transformative impact of SEZs in providing employment, state of art technologies, boosting exports. He underscored the importance of exchanging information and best practices regarding the same.
In conclusion, Commerce Secretary laid stress upon the importance of collaborative efforts and commitment along with resilience, unity and transparency to face challenges under the principles of compassion, empathy and understanding, for a common brighter future of BRICS countries.
The Trade Minister’s meeting endorsed the Joint Communique and 6 outcome documents pertaining to various issues mentioned earlier.
Further on the sidelines of BRICS TMM, Commerce secretary had bilateral meetings with the Minister for Economic development Maxim Reshetnikov, Member of the Board (Minister) of Trade, Eurasian Economic Commission Andrey Slepnev, Deputy Minister of Industry and Trade Alexey Gruzdev, and Head of FSVPS, Sergei Dankvert of the Russian Federation as well as with the Deputy Minister for the Department of Trade, Industry & Competition, South Africa, Zuko Godlimpi and the Minister of State for foreign Trade, UAE, Thani Bin Ahmed Al Zeyoudi, wherein bilateral trade issues were discussed in brief for their early resolution.