By The Global Journal | March 28, 2012 - 15:00 GMT
BRICS (Brazil, Russia, India, China and South Africa) trade ministers met today (28 March) in New Delhi ahead of Thursday's BRICS leaders summit to discuss the advantages of reinforcing the bloc's internal trade as a means to balance the impacts of the European debt crisis.
Speaking to the media, Indian Commerce Minister, Anand Sharma, insisted that although trade between BRICS is increasing, it is still far from reaching its full potential. For a group that comprises 40 percent of humanity, “there is a large untapped growth potential for intra-BRICS trade and investments”. He added that inter-bloc trading “would facilitate economic growth at a time when the global economy is hobbled by uncertainty”, noting the “decline of demand in European markets”.
In addition to trade, representatives of the BRICS countries are expected to discuss further mechanisms to strengthen their economic integration, including proposals for a joint development bank and common investment fund for infrastructure and development projects. These would be “a very powerful financial tool to improve trade opportunities and maybe a major step to support the EU to overcome its financial crisis,” suggested Brazilian Trade Minister, Fernando Pimentel.
(Photo © BRICSIndia)
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