At its seventh annual summit, the BRICS group of countries (Brazil, the Russian Federation, India, China and South Africa) announced the BRICS Economic Partnership Strategy through 2020, which aims to strengthen ties in transport, energy, and other sectors. The BRICS also adopted the New Development Bank and Contingent Reserve Arrangement, with a total capacity of US$200 billion.
BRICS is a dialogue and cooperation platform among Member States (Brazil, Russia, India, China and South Africa) which together account for 30% of global land, 43% of global population and 21% of the world’s Gross Domestic Product (GDP), 17.3% of global merchandise trade, 12.7% of global commercial services2 and 45% of world’s Agriculture Production. This platform aims to promote peace, security, prosperity and development in multipolar, interconnected and globalized world. The BRICS countries represent Asia, Africa, Europe and Latin America, which gives their cooperation a transcontinental dimension making it especially valuable and significant.
The Economic Partnership Strategy will contribute to increasing the economic growth and competitiveness of the BRICS economies in the global arena. According to the strategy, the development of safe, balanced and dynamic transnational transportation and logistics systems is essential for economic growth of the BRICS countries. Efficient operation of the transportation system is crucial for international trade and integration in global production chains.
It also calls for the use of innovative technologies to increase efficiency of transportation and logistics systems, and stronger promotion of energy efficiency and reduction of polluting emissions in the transportation sector. It also encourages the development of public private partnership mechanisms, including in construction of highways, ports, airports, development of urban transport and railway infrastructure, subject to proper commercial viability and risk assessment. In addition, the exchange of experiences and practices with regard to efficient city transport systems, dynamic traffic control systems, efficient freight movement systems, and passenger-friendly service, will be crucial for economic integration in the world.
The BRICS summit was held in parallel with the Shanghai Cooperation Organization (SCO), which is comprised of China, Kazakhstan, Kyrgyzstan, the Russian Federation, Tajikistan and Uzbekistan. In addition, the summit was preceded by meetings of the BRICS Sherpas and Sous-Sherpas, the Contact Group on Economic and Trade Issues, Ministers of Youth Affairs, the Business Council, Finance Ministers and Central Bank Governors, New Development Bank Board of Governors, Trade Ministers, as well as other forums and working groups.
The full text of the BRICS Economic Partnership Strategy is available in here.
For more information on BRICS, please see the BRICS Russian Presidency Website.