New Delhi, Oct 13 (IANS) Commerce Minister Nirmala Sitharaman on Thursday said member countries need to find innovative ways to push up intra-BRICS trade as it is currently at less than 5 per cent of their global trade.
“Trade among BRICS (Brazil, Russia, India, China, South Africa) is less than 5 per cent of their global trade. Subdued global trade has impacted BRICS economies,” Sitharaman said.
She was speaking at the first BRICS trade fair, organised here from October 12 to 14 in which over 400 companies and 1,000 entrepreneurs are participating from the member countries.
“We need to find innovative ways to push up intra- BRICS trade. Cooperation among members is necessary. India has taken a lead on this. Rollback of protectionist measures is needed,” she said.
The minister called for BRICS countries to liberalise the services sector on priority as it effectively contributes to boosting gross domestic product (GDP).
Lauding the formation of BRICS’ New Development Bank she said there is an urgent need for global financial reforms.
The bank needs to come up with ideas and pilot projects to strengthen Micro Small and Medium Enterprises (MSMEs) in BRICS countries to boost trade and transfer of technology, Sitharaman said.
India assumed presidency of BRICS in February this year.