BRIC nations for strong trade ties

BRIC nations for strong trade ties

Speedy resolution to Doha deal sought

BRIC nations for strong trade ties

Union Minister of Commerce and Industry Anand Sharma has a word with Chinese Foreign Minister Yang Jiechi at the BRIC Summit in Brasilia, Brazil, on Thursday. PTI

The BRIC forum has the capacity to take a “collective and coherent” view on various global issues covering political and economic aspects, Commerce Minister Anand Sharma said.

The BRIC member countries have strengths, competence and confidence, as well as potential to contribute both in the growth of development of themselves and substantial share in the global economy in the coming years, Sharma said. Prime Minister Manmohan Singh and other leaders of IBSA and BRIC stressed the need for early conclusion of world trade negotiations to put in place a multilateral architecture which gives opportunity to developing economies.

Sharma was talking to accompanying journalists while returning home after the eight-day visit to the US and Brazil, where he attended the summits of IBSA and BRIC.

Stating that the summits of IBSA (India-Brazil-South Africa) and BRIC agreed to forge closer cooperation for enhancing bilateral trade and on international issues like climate change, he said “we need to put in place an international order that is equitable, fair and meets the legitimate aspirations of developing countries.”

Observing that existing international institutions, both political and financial, needed to be reformed so that developing nations get a fair share, he said, G-20 was emerging as more responsive body.

The summits discussed issues of concern related to financial crisis, Sharma said adding it was felt that the global financial crisis could lead to rise of protectionism, a prospect which the Indian Prime Minister warned against at the meets.