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BRICS countries agree to boost trade

September 04, 13:44 UTC+3 XIAMEN

The BRICS leaders welcome China's initiative to host an International Import Expo in 2018

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© Mikhail Metzel/TASS

XIAMEN /China/, September 4. /TASS/. The leaders of BRICS countries have agreed to enhance and broaden trade and investment cooperation mechanisms and scope, the Xiamen declaration adopted by the group on Monday said.

"Stressing the role of enhanced trade and investment cooperation in unleashing the potential of BRICS economies, we agree to improve and broaden trade and investment cooperation mechanism and scope, with a view to enhancing BRICS economic complementarity and diversification in BRICS countries," the document said.

According to the declaration, the leaders welcomed the adoption of cooperative frameworks, roadmaps and outlines on trade and investment facilitation and connectivity and enhanced policy sharing, information exchange, capacity building, through enhanced joint efforts on trade and investment facilitation, trade in services, E-commerce, IPR (in synergy with the cooperation activities among BRICS IP authorities), economic and technical cooperation, SMEs and women economic empowerment.

They also welcomed the initiative to set up the BRICS E-Port Network that will operate on a voluntary basis and to establish the BRICS E-commerce Working Group. "We also welcome China's initiative to host an International Import Expo in 2018 and encourage our business communities to actively participate in it," the declaration said.

The leaders of the BRICS countries have welcomed the initiative to compile a compendium on fighting corruption in the five countries.

"Keenly aware of the negative impact of corruption on sustainable development, we support the efforts to enhance BRICS anti-corruption cooperation. We reaffirm our commitment to intensify dialogue and experience sharing and support compiling a compendium on fighting corruption in BRICS countries," the Xiamen declaration adopted by the group on Monday said.

"We further acknowledge that illegal flow of the proceeds of corruption impairs economic development and financial stability, and support enhanced cooperation in asset recovery. We support the strengthening of international cooperation against corruption, including through the BRICS Anti-Corruption Working Group, as well as on matters related to asset recovery and persons sought for corruption," the document said.

"We acknowledge that corruption including illicit money and financial flows, and ill-gotten wealth stashed in foreign jurisdictions is a global challenge which may impact negatively on economic growth and sustainable development. We will strive to coordinate our approach in this regard and encourage a stronger global commitment to prevent and combat corruption on the basis of the United Nations Convention against Corruption and other relevant international legal instruments," the BRICS leaders said.

According to the declaration, they are also ready to use opportunities that digital economy provides and address challenges it poses for the global growth. "We will act on the basis of principles of innovation, partnership, synergy, flexibility, open and favorable business environment, trust and security, protection of consumer rights in order to ensure the conditions for a thriving and dynamic digital economy, that will foster global economic development and benefit everyone," the document said.

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