The Vice President of India, Shri M. Hamid Ansari
has said that the BRICS grouping does more than just facilitate international
trade. It makes the fruits and benefits of globalization accessible to a larger
number of people, beyond limited elite and the developed economies, he added.
He was addressing the gathering after inaugurating the First Brazil, Russia,
India, China and South Africa (BRICS) Trade Fair, here today. The Minister of
State for Commerce and Industry, Smt. Nirmala Sitharaman, the Minister of
Industry, Foreign Trade and Services, Brazil, Mr. Marcos Pereira, the Minister
of Trade and Industry, Russia, Mr. Denis Monturov, the Minister of Trade and
Industry, South Africa, Dr. Rob Davies, the Vice Minister for Ministry of
Finance and Commerce, China, Mr. Wang Shouwen and other dignitaries were
present on the occasion.
The Vice President said that the credit for
transforming the vision of our Prime Minister, Shri Narendra Modi, who had
proposed a trade fair to be held in the nation hosting the BRICS Summit into
reality, goes to our Commerce and Industry Minister and her team. He further
said that the BRICS group represents a shift in the global political economy,
global institutions and global governance issues, as emerging economies enhance
their cooperation to find solutions for the economic challenges affecting them.
He pointed out that Brazil, Russia, China, South Africa and India - together
account for 43% of the world’s population and represent the dynamism, the
growth, the future of world trade. As growing economies, they have to translate
the growth into inclusive economic development, he added.
The Vice President said that BRICS has already
identified the basic principles for enhancing the trade and investment
relations, as reflected in the theme of India’s BRICS chairmanship- ‘Building
Responsive, Inclusive and Collective Solutions’. He further said that to
achieve this objective BRICS would need to; (a) create a business-friendly
environment for investors and entrepreneurs, (b) foster the liberalisation of
trade in Services, especially in promoting movement of people, (c) support
value addition, (d) promote information exchange and (e) increase the trade in
each other’s currency.
The Vice President said that this Trade Fair is an
excellent opportunity for encouraging intra-BRICS synergies adding that the identification
of specific cooperation areas - innovation, technology, energy, infrastructure
and agri-business - spanning trade in goods and services, as well as the
participation of investment promotion agencies, will reap rich dividends.
Following is the text of Vice
President’s address:
“I
am happy to be here for the inauguration of the First
BRICS Trade Fair. I extend a warm welcome to the
esteemed Trade Ministers from BRICS countries, officials, captains of industry,
entrepreneurs and members of the
media.
At the 7th BRICS
summit, our Prime Minister, Shri Narendra Modi had proposed a trade fair to be
held in the nation hosting the BRICS Summit, while offering to host the first
such Fair. The credit for transforming the vision into reality goes to our
Commerce and Industry Minister and her team, in successfully organizing this
Trade Fair.
The
BRICS group is as much a symbol as it is a concrete establishment. The group
represents a shift in the global political economy, global institutions and
global governance issues, as emerging economies enhance their cooperation to
find solutions for the economic challenges affecting them.
Our
five nations - Brazil, Russia, China, South Africa and India - together account
for 43% of the world’s population. Together, we account for 15% of global trade
and 20% of the world’s investment flows. Our economies represent the most
dynamic emerging economies in the word. Our economies have scale and our
decisions have an impact on global markets. Not only have we made strides as
manufacturing and services countries, but we are now developing into
significant end markets. We have the intellectual capital and resolve to shape
a more equitable global trading order. We represent the dynamism, the growth,
the future of world trade and business.
As
growing economies, we have to translate our growth into inclusive
economic development. We have to reduce unemployment, eradicate poverty and
promote social inclusion. We recognize the importance
of balanced global trade for mutual prosperity. Trade and investment are two
priority areas of cooperation emphasized in the BRICS Trade and Investment
Cooperation Framework. We have already identified the basic principles for
enhancing our trade and investment relations, as reflected in the theme of
India’s BRICS chairmanship- ‘Building Responsive, Inclusive and Collective
Solutions’.
To achieve this objective, we,
within the BRICS, would need to;
·
First, create a business-friendly environment for investors
and entrepreneurs in all member countries with a view to promote mutual
trade and investment; and facilitate market inter-linkages and enhance market
access opportunities.
·
Second, BRICS would need to foster the liberalisation of
trade in Services, especially in promoting movement of people for
commercial activity, both with BRICS and globally. The proposal for a BRICS
visa on a long-term basis for genuine travelers, is one such effort aimed at
stimulating greater economic activity by enhanced mobility of our
entrepreneurs.
·
Third, we need to enhance
and diversify trade and investment cooperation
that support value addition. Value-added trade has a role in
transforming our economies from providers of raw material into key players in
the global economy.
·
Fourth, we also need to build
resilience to external economic shocks and strengthen macro-economic
policy coordination by promoting information exchange
through agreed platforms and by deepening our interaction and
cooperation with non-BRICS countries, international organizations and forums.
·
Fifth, we need to increase our
trade in each other’s currency to further pluralize trading currencies
and lessen the use of a single dominant currency. Transition to trade in
national currencies will reduce the risk volatility and protect us from adverse
fluctuations, which often cause huge economic and trade losses.
The BRICS grouping does more than just facilitate
international trade. I think it brings forth a more humane face of
globalization. It makes the fruits and benefits of globalization accessible to
a larger number of people, beyond a limited elite and the already developed
economies.
This Trade Fair is an excellent
opportunity for encouraging intra-BRICS synergies by linking both the BRICS
Business Forum and the BRICS Business Council. The identification of specific
cooperation areas-- innovation, technology, energy, infrastructure and
agri-business-- spanning trade in goods and services, as well as the
participation of investment promotion agencies, will reap rich dividends.
We appreciate the efforts made
by all the BRICS Trade Ministers in persuading the strong participation of
companies from their respective countries. We also welcome the participation of
companies from the BIMSTEC region. We acknowledge the role of FICCI in
organizing this Trade Fair, with the active support of other apex chambers
including CII, ASSOCHAM, other export promotion councils, development
authorities and industry associations.
I am
sure you will have fruitful deliberations during
the Trade Fair. I
wish you all success and good luck in forging mutually beneficial
partnerships.
Thank You.”
***
KSD/BK