Russia Proposes BRICS Countries Increase the Availability of Mutual Investments and Technologies

The 14th BRICS Economic and Foreign Trade Ministers’ Meeting took place in Moscow on 26 July 2024.

The event included thematic sessions on the issues of strengthening the multilateral trading system, providing a favourable business climate, and promoting innovative and digital solutions to ensure sustainable economic growth.

Opening the meeting, Minister of Economic Development of the Russian Federation Maxim Reshetnikov said that it is in the interests of BRICS countries today to maintain and develop cooperation chains between businesses, expand product supplies, create conditions for investment growth and the emergence of new projects in industry, as well as promote digital solutions and high-tech products, including by increasing the supply of minerals and raw materials which are widely available in BRICS countries and crucial for achieving climate goals.

“As practice has shown, our countries are capable of reaching agreements on trade issues. This is precisely why mutual trade in BRICS grows at a pace three times exceeding the global average each year. According to the latest data, mutual trade between BRICS countries has reached almost 678 billion dollars per year. At the same time, over the past 10 years, global trade has grown by 3% per year, BRICS trade with the world by 2.9% per year, and trade within the association by 10.7% per year,” Maxim Reshetnikov said.

In addition, he noted how entrepreneurial initiatives and business contacts are developing among small businesses in BRICS countries. Their mutual interest is confirmed by the growth rates in trade between Russian companies and countries in Asia and Africa. Studies conducted by the Foreign Investment Advisory Council and regular enquiries to Russian trade representatives in BRICS countries also reflect the close level of interaction between entrepreneurs.

“For Russia, intensifying business contacts among small businesses is extremely important. The SME sector accounts for 85% of all companies in the country. We have made a proposal to our partners from BRICS countries to increase ties in the SME sector, develop digital services and platforms to simplify contacts, increase the availability of mutual investments and technologies, create programmes to support exports, develop industrial cooperation, and exchange technologies,” Maxim Reshetnikov said.

For his part, UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said: “As BRICS members, we are committed to ensuring the success of multilateralism and the successful preservation of global supply chains. This is why we must seize the opportunity to work together to reduce trade barriers, improve customer service procedures, and enhance the efficiency of our interaction and transparency. We must take advantage of these opportunities through partnerships and joint actions to create more diverse supply chains.”

Ambassador of Brazil to Russia Rodrigo de Lima Baena Soares noted: “Brazil believes that BRICS countries should intensify their efforts to mobilize broader support to counter unilateral discriminatory policies, including so-called green protectionism. Such measures are a threat to the rules-based international trading system.”

The Roscongress Foundation manages the events of Russia’s BRICS Chairship.