Brics to sign deal to boost free trade

NEW DELHI: Though India is not in a hurry to consider the Chinese proposal to have a free trade area among Brics nations, the five emerging economies will sign an

Published on: Oct 12, 2016, 12:21:44 IST

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NEW DELHI: Though India is not in a hurry to consider the Chinese proposal to have a free trade area among Brics nations, the five emerging economies will sign an agreement at the upcoming Goa summit for better customs-cooperation with an eye to reduce non-tariff barriers among the nations.

Brics comprises the five emerging economies of Brazil, Russia, India, China and South Africa. China’s ministry of commerce (MoC) on Sunday said a free trade area would be a “significant form of cooperation” between Brics nations, the state-run China Daily reported.

MoC spokesperson Shen Danyang at a briefing said that by setting up a free trade area, Brics countries would be able to remove tariff and non-tariff barriers, give play to their comparative advantages, and advance trade and investment liberalization among them.

India’ s commerce minister Nirmala Sitharaman, however, on Monday said she is not aware of any such proposal. Brics trade ministers will meet in New Delhi on Thursday ahead of the 8th Brics Summit meeting in Goa on Saturday and Sunday to discuss global trends and their influence on Brics trade and investment.

A commerce ministry official, speaking on condition of anonymity, said that agreements on developing a portal for small and medium enterprises as well as one on non-tariff measures are expected to be signed in Goa.

“A Brics portal on non-tariff measures will be developed. This is meant to encourage better understanding of non-tariff measures of each country among exporters ,” an official said.

Another agreement on cooperation one-commerce which will lead to only information exchange in the area may also be signed. The official said the ministry’s proposal to come out with a travel card for easier visas for businessmen and tourists among the Bri cs nations did not take off as the Union home ministry is not very keen on it.

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