Hon’ble Vice President of India,
H.E. Mr. Marcos
Pereira, Minister of Trade of Brazil,
H.E. Mr. Denis Manturov, Minister of Trade and Industry,
H.E. Dr. Rob Davies,
Minister of Trade of South Africa,
H.E. Mr. Wang
Shouwen Vice Minister of Finance & Commerce, China,
Mr. Alexandr Tsybulskiy, Deputy Minister for Economic Development, Russia,
President of FICCI, Mr.
President of CII, Dr.
Naushad Forbes, and
President of ASSOCHAM,
Mr. Sunil Kanoria,
Officials and Diplomats
of BRICS and BIMSTEC countries,
of Industry, Entrepreneurs and Trade promtion bodies & Media
Ladies and Gentlmen
gives me great pleasure to be here for the inaugural ceremony of the
BRICS Trade Fair in the gracious presence of Hon’ble Vice President of
India. This is a unique event because for the first time a Trade Fair is being
held in the BRICS format. It is indeed heartening that this Trade Fair
has received enthusiastic response from entrepreneurs of all the BRICS
countries. I would like to express my deep appreciation to the Trade Ministers
who are present on the dias for their support and encouragement.
would like to especially express my sincere gratitude to Hon’ble Vice
President of India for having agreed to be the Chief Guest of this Trade
Fair. His presence indeed elevates the importance of this event and boosts the morale
of entrepreneurs participating in this event.
India assumed the Presidency of the BRICS in February this year, several
Ministries, Departments, institutions and agencies as well as NGOs have been actively
organising various sectoral events across the country.
Trade, Investment and Economic Cooperation underpin the solidarity of BRICS.
Earlier in the day, we the Trade Ministers of BRICS countries deliberated
on specific areas for cooperation with a view to enhancing intra-BRICS trade.
These relate to forging cooperation in specific sectors such as SMEs,
Standards, NTMs, IPR, e-Commerce, Single Window and Working Group on Trade. These
cooperative frameworks will form focal points to work on concrete actions in a
spirit of accommodation and undrestanding. The cooperative frameworks are
non-binding and allow our countries to retain our policy space. All these ideas
are captured in the BRICS Trade Ministers’ Joint Communiqué and, subesqently,
are expected to find expression in the BRICS Leaders’ Declaration at Goa, in a
couple of days from now.
countries complement each other’s economies. They are also major
resource suppliers to the world. Globalisation has altered the world dynamics
significantly since the end of the Cold War. The formation of BRICS is a
distinct indicator of the emergence of a multi-polarity on the international
stage. However, the global governance structures do not reflect the reality
and this is where urgent changes are required. It is from this point of
view that articulation of positions by BRICS countries and taking united stands
on issues of common concern, holds immense significance for ensuring equity,
justice and inclusiveness for developing countries. We believe, BRICS can play
a positive role in strengthening the multilateral institutions, especially WTO,
IMF, World Bank and UN systems.
amongst the BRICS nations is less than 5% of their total global trade.
This amounts to, in actual terms, about US$ 300 billion out of US$ 6.50
trillion. The subdued global trade could be a major reason, as it hasimpacted BRICS economies
differently, some through falling commodity prices and others on account
shrinking demand for manufactured goods. We need to find innovative ways of
increasing intra-BRICS trade.
this gloomy scenario, it has been observed that nations are resorting
to protectionist measures in the forms of NTMs, creating invisible walls
against free trade. It is in this context that cooperation amongst BRICS
countries on NTMs remains significant. India has taken a lead on this issue and
we should work towards standstill and rollback of protectionist measures.
of the BRICS New Development Bank (NDB) in the Trade
Fair is a welcome development. NDB lends strength to enterprises in our Group
by extending timely credit. Its establishment is indicative of the urgent need
for reform of the global financial system towards new global rules setting. It
also provides scope to work on Sustainable Development Goals in BRICS,
particularly those relating to trade and investment and economic growth for
tackling poverty and unemployment.
has taken a lead on the MSME sector. We believe this
sector is vulnerable to global volatility and needs support, both in terms of
finance and transfer of technology.MSME sustenance is crucial because they
generate large employment in our countries. We would urge NDB to come out with
ideas and pilot projects for strengthening MSMEs in the BRICS countries. This
support, I believe, should also extend to the MSMEs in the BIMSTEC countries,
which are also facing similar challenges of adaptation and survival.
has taken a lead in Services in the context of BRICS
as well as in WTO. The Services sector is increasingly contributing to global
trade as well as to the GDP of individual economies. Liberalising Services
sector should be accorded top priority in the BRICS as it helps in creating
exponential growth in the BRICS region. Most importanlty free movement of
people in our Group for tourism, hospitality and business purposes will boost
the intra-BRICS trade.
has embarked on an ambitions ‘Make in India’ programme. There are ample
opportunities for BRICS countries to do collaborative joint ventures in India.
These collaborative ventures should be looking not merely at the Indian market,
but other regions of the globe.
work has already been undertaken on ‘Ease of Doing Business’ in India. In this
regard National Committee on Trade Facilitation (NCTF) has been set up
for evaluating progress on trade facilitation issues.
BRICS countries are a potent group in the multilateral system. They are
also represented in the G-20. Therefore, a reiterate articulation of positions
by BRICS countries and taking united stands on issues of common concern
globally ensures equity, justice and inclusiveness for developing countries.
gathering of more than 1,000 entrepreneurs from BRICS and BIMSTEC
countries under one platform gives an opportunity to discuss trade, investment
and technology collaborations during this 3 day Fair. I am confident that
several seminars, round tables being organised paralley will during this period
will provide a comprehensive understanding of the potential of these groupings.
and Gentlemen, I thank all the participants for their enthusiastic
participation in this ever BRICS Trade Fair. I wish you fruitful paricipation and