BRICS: Prospects for Cooperation and Development


On December 5, 2013 the Ministry of Economic Development hosted an international conference: BRICS: Prospects for Cooperation and Development, organized by the Department of Asia and Africa of the MED, Russian Foreign Trade Academy (RFTA) and the Russian office of Project Support of the United Nations Development Programme (UNDP).

Experts and participants of the event discussed the draft of the Strategy for Development of Economic Cooperation of BRICS. This document was developed by the Ministry of Economic Development of Russia together with Russian Foreign Trade Academy. After consultation with partners in the BRICS it is planned to submit it for approval at the VI BRICS summit in 2014 under the chairmanship of Brazil.

The strategy aims at development and elaboration of mechanisms and trade-economic and investment cooperation between the BRICS countries, and increasing interaction with third countries and regional economic communities.

During the conference, the results of four international seminars held by the Ministry of Economic Development in 2011-2013 were made, united by the common theme: "Preparing to the BRICS Summit 2015: key themes for Russia." Experts debated on the prospects of trade-economic and investment cooperation in the BRICS, discussed further cooperation of academia community of the organization.

"In general, we observed a positive trend of trade between the BRICS countries in recent years, the same can be said of Russia's trade with BRICS. Over the past decade - from 2002 to 2012 - Russia's trade with other partners in the BRICS increased almost eight-fold from 13.1 to 104.6 billion U.S. dollars. The mutual trade within the BRICS according to the results of 2012 amounted to about 280 billion U.S. dollars. Business circles of our countries set a goal to increase it to at least 500 billion U.S. dollars by 2015," said the director of the Department of Asia and Africa Evgeny Popov.

The event was attended by representatives of federal and regional executive authorities, academia community, business community, as well as the embassies of members of the BRICS in the Russian Federation. Particular interest to the conference was showed by Russian companies cooperating with partners in the BRICS Business Council for implementation of a number of joint multilateral projects.