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BRICS commerce ministers urges trade coordination, stable oil price


08:26, March 29, 2012

NEW DELHI, March 28 (Xinhua) -- BRICS commerce ministers called for resisting protectionist tendencies, explored detailed measures of trade cooperation among BRICS countries and underlined the importance of stable oil price for global economy recovery during the second BRICS commerce ministers' meeting held here on March 28, a day ahead of the forth BRICS summit.

The Joint Press Release of the meeting said that the ministers directed their officials to explore ways and means for enhancing and furthering intra-BRICS cooperation especially in the areas of customs, trade facilitation, SME investment, trade data collection, e-commerce and intellectual property rights.

Russia's proposal for setting up BRICS Projects Platforms for joint projects development was also noted in the ministers' meeting.

In strengthening the intra BRICS trade, Chinese Commerce Minister Chen Deming said in the press conference that China's domestic demand will grow dramatically and it is estimated that China will import goods of 10 trillion U.S. dollars in the next five years, and is willing to import more from other BRICS countries.

He said that prices of crude oil and bulk commodity rise in a drastic manner, all this has negatively impact the processes of global economic recovery, and China also suffers. "Therefore while we deal with geopolitical issues, we must bear in mind the difficulties the world economy is now facing as well as the urgent task to revive world economy. High oil price is definitely not good news to the world, including developed countries," he said.

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