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.

Posted in: Economy

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