The BRICS Contact Group on Economic and Trade issues (CGETI) conducted a three-day meeting starting from July 12 to July 14. The members discussed a wide range of proposals circulated by India.
In the meeting, the proposals given by India for strengthening and increasing the Intra-BRICS cooperation and trade included- BRICS Cooperation on Multilateral Trading System; BRICS Framework for ensuring Consumer Protection in E-Commerce; Non-Tariff Measures (NTM) Resolution Mechanism for SPS/TBT Measures; Sanitary and Phytosanitary (SPS) Working Mechanism;
Cooperation framework for the protection of Genetic Resources, Traditional Knowledge and Traditional Cultural Expressions; BRICS Framework on Cooperation in Professional Services.
The members agreed to take forward India’s proposals to finalise them before the BRICS Trade Minister’s meeting. The BRICS Trade Minister’s meeting will be conducted on September 3, 2021, and will be chaired by Piyush Goyal.
Furthermore, to strengthen the trade and economy a few events were suggested by India including – A BRICS Trade Fair to showcase and to have buyer and sellers virtual meet from 16-18 August 2021, to be organised by the Department of Commerce; A roundtable of BRICS MSMEs on 22 July 2021 to be organised by the Ministry of Micro, Small & Medium Enterprises; Two workshops on Services Trade Statistics to be held on 16 July 2021 and 13 August 2021, to be organised by the Reserve Bank of India.
In the year 2022, India is the Chair of the BRICS (Brazil, Russia, India, China & South Africa). There are multiple groups of BRICS, of which the Contact Group on Economic and Trade Issues (CGETI) is responsible for economic and trade matters. The Department of Commerce is the national coordinator for the BRICS CGETI.