Som Prakash, Union Minister of State for Commerce and Industry represented India and addressed the 5th BRICS ( Brazil, Russia, India, China and South Africa) Industry Ministers Meeting held through Virtual Conference. In the meeting they discussed the ways to enhance cooperation in areas like 5G, Artificial Intelligence(AI) & industrial Internet, among BRICS countries.. The meeting adopted a Joint Declaration to commence the implementation of the BRICS Partnership on New Industrial Revolution (PartNIR).
Note– The meeting comes ahead of the proposed meeting of the BRICS foreign ministers’ in September 2020, arranged by the current BRICS chair Russia.
i.The declaration aims to extend BRICS cooperation in the fields of digitalization, industrialization and innovation.
ii.UNIDO(United Nations Industrial Development Organization) will collaborate with BRICS to establish a Center of Industrial Competences.
Discussions in the Meeting
i.China urged BRICS countries to strengthen their cooperation on digital transformation(especially in 5G, AI and the digital economy) for the following namely:
- To promote the enterprises’ digital transformation and their innovation capabilities and also to upgrade the sustainable economic and social development.
ii.It also urged the BRICS countries to reinforce the industrial chain and supply chain, boost development resilience and the abilities of the country to respond to risks, and jointly create a good development ambience.
India & China Relations
i.After the Galwan valley clashes on June 15, 2020, India and China are currently undergoing a rough phase in their bilateral relations. It impacted the economic ties between the two countries.
ii.India has banned some chinese apps and also imposed rigid scrutiny for foreign investments from its neighbouring countries including China.
Recently, Russia postponed the BRICS and Shanghai Cooperation Organisation (SCO) summits scheduled for July due to the COVID-19 situation, which could be the meeting point for India and China after the June border standoff.
Recent Related News:
i.BRICS’ New Development Bank provides the USD 1 billion ‘Emergency Assistance Program Loan’ to India to fight COVID-19.
ii.BRICS (Brazil, Russia, India, China and South Africa) Foreign Ministers meeting on The coronavirus was held through video conferencing, which was opened by Russian Foreign Minister Sergey Lavrov. It should be noted that Russia is the Chair of BRICS for 2020. From Indian side, it was attended by External Affairs Minister Subrahmanyam Jaishankar.
Chairmanship– Russia (India will assume the Chairmanship of BRICS in 2021)
Members– Brazil, Russia, India, China and South Africa.