BRICS to digitalize trade framework with new policy tools, Bureau Report

BRICS to digitalize trade framework with new policy tools

Xiamen, September 3rd: Deputy Minister from the Chinese Ministry of Commerce, Wang Shouwen has said that BRICS nations are up to adopt a series of initiatives for digitalizing the emerging market bloc’s trade infrastructure to minimize the geographical setbacks impeding commercial connectivity among the member countries.
While addressing a huge press conference here on Sunday about BRICS summit, Wang Shouwen said that trade digitalization needs to be adopted the documents including a BRICS E-Commerce Initiative and a proposal to establish a Model E-Port Network are all likely to be adopted.
With the E-Commerce Initiative, the five countries will be able to “identify the problems” that have arrested development and cooperation in digital economy, in areas such as payment and consumer protection, the deputy minister said.
Data from the MoC show that around 46 percent of the bloc’s population of 3.14 billion have access to the Internet, and more than 700 million shop online.
The Model E-Port Network is to promote the sharing of sea transportation data among major ports of the BRICS countries, enhancing logistical efficiency, Wang added.
The growth in trade between some BRICS countries has been “thwarted by the geographical separation,” emphasized the deputy minister.
Aggregated bilateral trade between BRICS member states has only accounted for six percent of the five countries’ total trade volume, official data reveals.
The bloc is also looking at the approval of other major cooperation papers to facilitate trade between each member state, including one that will call for opposition to protectionism, in order to achieve an ever more unified market.
“The member states have set upon a path towards an ‘integrated BRICS market’,” Wang added.
Since 2009, BRICS summits have been held annually. The foreign, finance and security ministers of the member nations also meet regularly. In previous years, the five BRICS members have doubled their combined contribution to global GDP to 23 percent.