Kolkata, Mar 12 (UNI) EEPC India welcomes India’s proposed action plan during the first meeting of BRICS Contact Group on Economic and Trade Issues (CGETI) held under its Chairmanship.
The action plan for 2021 would support a transparent and non-discriminatory, rules-based multilateral trading system in line with WTO vision.
It has also sought to put in place a framework for consumer protection in E-Commerce and Non-Tariff Measures (NTM) Resolution Mechanism.
Given that Brazil, Russia, India, China and South Africa (BRICS) are expected to drive global recovery in the post pandemic world,
roll-out of the action plan would accelerate trade and investment between India and other member states of the group, EEPC India in a statement said
on Friday.
Share of India’s Intra-BRICS trade to global trade has been around 14-15% and there is huge potential of growth.
Measures to further facilitate trade and investment would certainly help the engineering goods industry.
“We see a lot of opportunity in widening the scope of economic engagement as the grouping of the five major emerging economies accounts for about 23 per cnt of the world GDP. The five countries together comprise 42 pc of the world population and have 16 pc share in global trade,” said EEPC India Chairman Mahesh Desai.
As bilateral trade with China accounts for the bulk of India’s trade with BRICS, the trade potential with other countries is sizable. In 2018-19, India’s total trade with BRICS was US$114.1 billion but out of this China’s share was US$ 87.1 billion.
