By TIOL News Service

NEW DELHI, SEPT 05, 2017: IN their joint communique the BRICS have stressed the role of enhanced trade and investment cooperation in unleashing the potential of BRICS economies. They have also agreed to improve and broaden the trade and investment cooperation mechanism and scope, with a view to enhancing BRICS economic complementarity and diversification in BRICS countries. The Heads of States also welcomed the positive outcomes of the 7th BRICS Trade Ministers Meeting in terms of the 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 hailed the setting up of the BRICS E-Port Network that will operate on a voluntary basis and the establishment of the BRICS E-commerce Working Group.

The leaders also stressed the importance of enhancing BRICS financial cooperation to better serve the real economy and meet the development needs of BRICS countries. The official declaration also noted the agreement by the finance ministers and central bank governors on cooperation on Public Private Partnerships (PPP), including through PPP experience exchange and application of the BRICS Good Practices on PPP Frameworks. It acknowledged the establishment of a temporary task force to conduct technical discussion on various ways of cooperation, including utilizing existing facilities of the MDBs based on national experiences, exploring the possibility of establishing a new PPP Project Preparation Fund and other options.

They also agreed to encourage cooperation and coordination by our accounting standards setters and audit regulators and agree to explore convergence of accounting standards and continue discussion on cooperation on auditing oversight in the area of bond issuance, so as to lay the groundwork for bond market connectivity among BRICS countries, with due regard to applicable national legislation and policies. The leaders agreed to promote the development of BRICS Local Currency Bond Markets and jointly establish a BRICS Local Currency Bond Fund, as a means of contribution to the capital sustainability of financing in BRICS countries, boosting the development of BRICS domestic and regional bond markets, including by increasing foreign private sector participation, and enhancing financial resilience of BRICS countries.