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BRICS Business Council adopts trade, investment promotion statement

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The BRICS Business Council says it has adopted a trade and investment promotion statement aimed at increasing intra-BRICS trade.

The various chapters of the council say this is a 10-year plan of action that includes enhancing trade through bilateral agreements and the exploration of value chain opportunities.

BRICS accounted for 7% of global trade in the year 2000 and has grown to about 30% of global trade currently. The group says a so-called AIR-LIFT strategy is also on the cards to promote connectivity and trade between the member countries. “We have now created a model for the world that moves us away from an extractive approach in terms of economic engagement towards a collaborative approach where we can all benefit and why this is important for the African continent. We have the resources in abundance still in our continent, be it the human capital in terms of the youth that we have, be it the minerals resources or other natural resources,” says Busi Mabuza, BRICS business council, South Africa.

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