BRICS free trade area

Source:Agencies Published: 2016/10/9 22:28:39

China's Ministry of Commerce (MOFCOM) said Sunday a free trade area would be "a significant form of cooperation" among BRICS nations.

By setting up a free trade area, BRICS countries would be able to remove tariff and non-tariff barriers, give play to their comparative advantages, and advance trade and investment liberalization among themselves, MOFCOM spokesman Shen Danyang said at a briefing.

He noted that China has not formally raised the issue for an upcoming BRICS meeting, but many experts have proposed a free trade area.

 A free trade area would help BRICS nations - Brazil, Russia, India, China and South Africa - achieve mutual benefit and development and promote South-South cooperation on a global scale, according to Shen.

BRICS trade ministers will meet in New Delhi, India, later this week to discuss world economic trends and their influence on BRICS trade and investment.



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