Beijing, June 25 (Xinhua) by Xie Xiyao – “With the opportunities provided by the 14th BRICS Summit, BRICS countries will further maintain and spur the cooperation momentum, make the BRICS shine brighter and promote the BRICS mechanism as an accelerator of global economic recovery and sustainable development,” said Wang Shouwen, Vice Minister of the Ministry of Commerce and Deputy Representative for International Trade Negotiations, on June 24.

On June 24, he received an interview and introduced the economic and trade outcomes of the 14th BRICS Summit: the BRICS leaders jointly issued the Beijing Declaration of the 14th BRICS Summit on June 23 and approved a variety of economic and trade outcomes, which are rich in content with far-reaching significance. These outcomes have planned the priorities and indicated the orientation for BRICS economic and trade cooperation in the new period.

First, BRICS Digital Economy Partnership Framework was approved, which proposes cooperation initiatives to enhance port digitization, encourage investment in digital infrastructure, and enhance the capacity of small and medium-sized enterprises, opening up a new process of BRICS cooperation in the digital economy.

Second, BRICS Initiative on Trade and Investment for Sustainable Development was approved, which puts forward more than ten cooperation initiatives focusing on such areas as creating a favorable trade and investment environment and enhancing capacity building, explicitly opposes trade barriers in the name of tackling climate change and charts a path to green and sustainable development.

Third, BRICS Initiative on Enhancing Cooperation on Supply Chains was approved, emphasizing that the stability of the supply chain and industrial chain should not be interfered with and calling for joint efforts in maintaining the security and smooth flow of the supply chain and industrial chain.

Fourth, BRICS Statement on Strengthening the Multilateral Trading System and Reforming the WTO was approved, making the “BRICS voice” firmly support the multilateral trading system.

As highlighted by Wang Shouwen, despite the emerging unstable, uncertain and insecure factors in the current international situation, this Summit's fruitful results indicate that the unity and cooperation among the BRICS countries have not changed, and their momentum has not faded. The BRICS economic and trade collaboration will undoubtedly become increasingly productive, with bright prospects.

According to Wang Shouwen, in 2021, China’s bilateral trade with other BRICS countries rose against the trend and doubled from five years ago, exceeding USD 490 billion, up 40% year-on-year, showing remarkable resilience. The figure stood at USD 205.1 billion from January to May this year, up about 16% year-on-year, maintaining a high growth rate.

Wang Shouwen pointed out that economic and trade cooperation has become essential to tighten the bond of interests and unite the strength of the five countries. At the same time, the trade volume of BRICS countries accounts for about 20% of the world; however, the trade between each other only accounts for 6% of their respective foreign trade, a low proportion. There is a significant growth potential for BRICS economic and trade cooperation.

Regarding deepening supply chain cooperation among BRICS countries, Wang Shouwen said that some countries seek decoupling, breaking the chain, setting barriers and limiting collaboration, which seriously affects the security and stability of the global supply chain and hinders global economic recovery. As representatives of major emerging market economies, BRICS countries are also integral nodes in the global supply chain. Their initiatives to strengthen supply chain cooperation reflect the responsibility and positive actions of BRICS countries, making an example for the world.

         “We look forward to conducting broader and deeper cooperation with BRICS countries on the industrial chain and supply chain and jointly building a stable, safe and mutually beneficial system of industrial chain and supply chain to ensure trade and investment flows and sustained economic recovery,” said Wang Shouwen.