BRICS business community releases initiative for global economic recovery

The Beijing Initiative of BRICS Business Community was released during the BRICS Business Forum to strengthen cooperation and promote the recovery of the global economy.

Faced with unprecedented shock and hardship caused by the COVID-19 pandemic, a changing international landscape and governance, and uncertainties in economic recovery, the international community looks to BRICS to fight the pandemic, promote economic recovery, and maintain peace and stability, the initiative said.

"We support a comprehensive, close, practical, and inclusive cooperation and are ready to actively contribute the strengths of the business community to this end," said the initiative, deeming emerging economies and developing countries "important forces in driving global economic recovery."

On health cooperation, the initiative called for solidarity to meet the challenges brought by COVID-19 through measures including strengthening vaccine research and promoting knowledge-sharing on traditional medicine.

The initiative expressed support for an open, transparent, fair, inclusive, non-discriminatory, and rules-based multilateral trading system.

It called on BRICS countries to increase cooperation in trade and investment facilitation, enhance business environment transparency, and deepen exchanges in e-commerce, intellectual property rights, trade in services, micro, small and medium-sized firms, and economic and technical cooperation.

It also urged promoting global sustainable development and accelerating the green transition, embracing the digital economy, and enhancing the resilience of the industrial and supply chains.

The BRICS Business Forum 2022 took place in Beijing on Wednesday in an online and on-site format.

Representatives of the business communities of BRICS countries -- Brazil, Russia, India, China, and South Africa -- had extensive and in-depth exchanges on promoting BRICS cooperation under the theme of "Deepening BRICS Business Partnership for a Better Future for Global Development."