The 27th Meeting of BRICS CGETI 2021 (Contact Group on Economic and Trade Issues) held from July 12-14, 2021 was chaired by India. India is the Chair of BRICS (Brazil, Russia, India, China, South Africa) for the year 2021, while the Department of Commerce was the national coordinator for the BRICS CGETI 2021.
i.Of various groups of BRICS, the CGETI is responsible for economic and trade matters.
ii.During the meeting, BRICS members discussed the proposals circulated by India, for strengthening and increasing the Intra-BRICS cooperation trade:
Proposals by India
The Members agreed to finalise India’s proposals before the BRICS Trade Ministers Meeting to be held in September 2021 (to be chaired by Union Minister for Commerce & Industry, Piyush Goyal).
- BRICS Cooperation on Multilateral Trading System
- BRICS Framework for ensuring Consumer Protection in E-Commerce
- Non-Tariff Measures (NTM) Resolution Mechanism for SPS/TBT Measures (Sanitary and Phytosanitary/Technical Barriers to Trade)
- Sanitary and Phytosanitary (SPS) Working Mechanism
- Cooperation framework for protection of Genetic Resources, Traditional Knowledge and Traditional Cultural Expressions.
- BRICS Framework on Cooperation in Professional Services.
Proposals to Strengthen Trade & Economy
India also proposed several events to strengthen the trade and economy.
- BRICS Trade Fair – To showcase & have buyer/sellers virtual meet from August 16-18, 2021. It will be organized by the Department of Commerce.
- A roundtable of BRICS MSMEs on July 22, 2021 to be organised by the Ministry of Micro, Small & Medium Enterprises.
- 2 Workshops on Services Trade Statistics to be held on 16th July 2021 & 13th August 2021. It will be organised by the Reserve Bank of India.
Recent Related News:
March 12, 2021, Under the chairmanship of India, the First Meeting of BRICS CGETI was held from March 9-11, 2021. This is the 26th Meeting of BRICS CGETI.
2021 Chair – India