Meeting of the BRICS trade ministers


It is my pleasure to welcome you in Moscow at the 5th meeting of BRICS Trade Ministers. I know that all of you are very busy these days, but I hope that you will have a chance to admire the summer beauty of the Russian capital. So we should be very efficient today.

Let me introduce our honourable guests: Mr. Li Yong, Director General of the United Nations Industrial Development Organization (UNIDO), Mr. Andrey Slepnev, Member of the Board, Minister for Trade of the Eurasian Economic Commission and Mr. Viktor Klimov, Deputy Chairman of the Committee on Economic Policy, Innovation and Entrepreneurship Development of the State Duma of the Russian Federation.

On the eve of the BRICS Summit, we will discuss the major achievements since our previous meeting in Fortaleza and the way forward for BRICS.

BRICS remains one of the main players on global arena. Our countries account for 42% of world’s population, 30% of the global GDP, 45% of global agricultural production, more than 17% (17,3%) of global trade in goods, almost 13% (12,7%) of global trade in services.

The BRICS countries show impressive dynamic. Our GPD (PPP) increased from 9,9 trillion US dollars in 2001 to 32,5 trillion US dollars in 2014. Our share in global economy grew from 19,3% to 30,1 %. BRICS economies are taking leading positions in the global economy.

I would like also to mention the dynamic investment growth. In 2014 BRICS’ FDI outflows reached 13,7% (+ 4% p.p. compared to 2009) and FDI inflows reached 20,5% of global volume (+ 3,6 p.p. compared to 2009).

During the last 6 years the intra-BRICS trade increased more than 70% from 168 billion US dollars in 2008 to 291 billion of US dollars in 2014. These figures evidence the right way our countries have chosen to develop cooperation on the economic track.

Russia attaches great importance and priority to developing cooperation with BRICS countries. During the last 7 years (since 2007), our turnover with BRICS countries doubled and exceeded 105 billion of US dollars in 2014. The share of BRICS in Russia’s trade is approaching to 14% (9,3% in export and 20,5 % in import).

Russia is interested in implementing joint initiatives and projects that will promote win-win cooperation among our countries. We have already gained a good experience by working together on such initiatives as the Joint Trade Study initiated by South Africa, the Framework of BRICS closer economic partnership and the BRICS Trade and Investment Facilitation Plan prepared by China.

Based on the outcomes of our discussions this year we launched new ambitious initiatives to enrich the BRICS economic agenda. For the first time our countries managed to negotiate and finalize a comprehensive document, the Strategy for BRICS Economic Partnership, that touches upon the responsibility of different ministries and requires high-level coordination. We also introduced new issues in the Strategy such as connectivity.

I would also mention the BRICS Expert Dialogue on E-commerce, the BRICS Round Table on MSMEs among the promising initiatives that we successfully launched this year.

One more time I would like to thank our partners for their constructive approach to our common work. BRICS is certainly a team that achieves tangible results.