6th Meeting of the BRICS Trade Ministers

6th Meeting of the BRICS Trade Ministers

Question: 1st BRICS Trade Fair from 12-14 October, 2016 was held in … .
a) New Delhi
b) Kolkata
c) Patna
d) None of the above
Ans: (a)
Related facts:

  • On 13th October, 2016 the 6th meeting of the BRICS Trade Ministers was held in New Delhi on the threshold of the 8th BRICS Summit on 15-16 October, 2016 in Goa.
  • Trade Ministers recognized the importance of preserving policy space to promote industrialization, industrial upgrading and value addition as a core pillar for structural transformation and sustainable development.
  • The Ministers agreed that close cooperation among the Contact Group on Economic and Trade Issues (CGETI), the BRICS Business Council and New Development Bank is useful for taking the BRICS Economic Cooperation to a new level.
  • The Ministers recognised the importance of the Micro, Small and Medium Enterprises (MSME) to the balanced economic development of the BRICS countries.
  • The ministers acknowledged it as the engines of export led growth and employment generation as it offers highest rate of employment per unit of investment.
  • Taking note of the issues faced by MSMEs they stressed on the need for cooperation among the BRICS countries to effectively address the barriers to trade and investment amongst the MSMEs and welcomed the “BRICS Micro Small and Medium Enterprises (MSME) Cooperation Framework”
  • Trade Ministers urged the BRICS Business Council (BBC) to speed up the development of the BRICS Roadmap for Trade, Economic and Investment Cooperation and implement suitable projects.
  • The Ministers emphasized that the increase in Non-tariff measures (NTMs) restrict the participation of developing countries in global trade. The Ministers commended the CGETI for developing a working document on ‘BRICS Mechanism for NTM Resolution.
  • The Ministers endorsed the “Framework for Cooperation on Standardisation. The Ministers urged the CGETI to ensure that the cooperation leads to a better understanding of each other standards.
  • The Ministers recognised that the Services sector remains important and contributes to more than half of the GDP of many BRICS countries and emphasized on cooperation. The Ministers endorsed the “Framework for Cooperation on Trade in Services”.
  • The Ministers appreciated that India held the 1st BRICS Trade Fair from 12-14 October, 2016 in New Delhi as part of trade promotion.
  • The Ministers noted that Article 10.4 of the WTO Agreement on Trade Facilitation instructs that WTO Members shall endeavour to establish or maintain a single window. They also appreciated the work being carried out in the BRICS countries for development of national single windows.
  • The Ministers highlighted the importance of cooperation on intellectual property rights (IPR). In this context, they appreciate the formation of and endorse the BRICS IPR Cooperation Mechanism (IPRCM).
  • The ministers stressed on the need to cooperate in E-commerce and appreciated the progress achieved since the adoption of the Framework for BRICS E-commerce Cooperation in 2015.

Reference:
http://pib.nic.in/newsite/erelease.aspx
http://www.thehindubusinessline.com/economy/policy/brics-trade-ministers-resolve-to-boost-cooperation-among-msmes/article9215536.ece