Banners for the 16th BRICS Summit were hung along a street in Kazan, Russia, on Oct. 20, 2024. (Photo: China News Service/Sheng Jiapeng)
(ECNS) -- The 16th BRICS Summit, to be held from Tuesday to Thursday in Kazan, Russia, has drawn global attention as it marks the first gathering since the group's expansion. This summit is expected to bring new opportunities for economic and trade cooperation between China and other BRICS nations.
Chongyang Institute for Financial Studies of Renmin University Research Fellow Liu Ying stated that by enhancing economic and trade exchanges, BRICS countries have achieved complementary advantages and strong partnerships, becoming an important engine to oppose trade protectionism and promote global economic growth.
Economic and trade relations among BRICS countries are becoming increasingly close.
After the expansion of BRICS in January, China's imports and exports to member countries reached 4.62 trillion yuan ($650 billion) in the first three quarters, a year-on-year increase of 5.1 percent.
In the industrial sector, China’s exports of intermediate goods such as steel and raw textiles to other BRICS countries grew by 8.6 percent and 13.4 percent in the first three quarters, respectively, compared to the same period last year.
In the financial sector, NDB has approved over 100 projects to date, with a total amount exceeding $34 billion. This has provided strong support for emerging market countries and developing nations by expanding financing channels and addressing gaps in infrastructure.
Trade in agricultural products has also been robust. In the first three quarters of this year, over 80 percent of China’s poultry and frozen cod and 50 percent of crabs were imported from BRICS member countries.
Additionally, China's exports of garlic, tomatoes, and citrus fruit are popular among BRICS countries.
The remarkable success of BRICS economic and trade cooperation is due to strong development needs, willingness to collaborate, and high degree of economic complementarity.
Wang Youxin, a senior researcher at the Bank of China Research Institute, stated that BRICS countries are at different stages of industrial development. The characteristics of such development in each country create favorable conditions for promoting industrial transfer and market expansion within the BRICS group.
Liu said that BRICS nations not only possess abundant resource reserves but also advanced manufacturing industries and a vast market, with distinct advantages in various technological fields.
What’s even more commendable is that BRICS nations have transcended the outdated notion of zero-sum competition, embracing a new philosophy of mutual benefit and win-win in their economic and trade collaboration, according to Liu.
However, while BRICS countries have achieved significant results in economic and trade cooperation, there is still considerable room for improvement.
For instance, relatively few free trade agreements have been signed among member states, and trade links between them need to be strengthened. Additionally, mechanisms for economic and trade cooperation require further refinement.
As noted by Xu Xiujun, researcher at the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, the developing countries represented by BRICS share similar levels of economic development and face the same challenges.
In the context of sluggish global economic growth, how can BRICS countries build a stronger economic and trade network? This is key not only to the interests of its members but also to the unity of Global South nations and the future of the world economy.
中新经纬2月18日电(李晓萱)打扰一下，龙年开工第一天，你领到老板发的红包了吗？ 微信推出面对面红包 据微信官方18日消息称，微信推出了“面对面红包”。具体内容如下： 新年开工，一声：“老板，新年好！”道出了多少期 春节初一至初七逾130万人次访港 内地游客占近九成 中新网2月18日电 据香港《文汇报》报道，据香港特区政府入境处统计，今年年初一至年初七(2月10日至16日)共录得逾130万人次旅客访港，接近2019年春节的水平(140万人 最长春节假期收官：多地接待游客远超往年，“南北互换”流动趋势明显 澎湃新闻记者 唐莹莹 2月17日正月初八，为期8天的史上最长春节假期正式收官。 根据全国各地文旅部门、热门景区以及多家在线旅游平台的数 2月21日，司法部、国家发展改革委、全国人大常委会法工委共同组织召开民营经济促进法立法座谈会，听取民营企业代表和专家学者对立法的意见建议。会议强调，要坚持以习近平新时代中国特色社会主义思想为 中国发展网讯 踩高跷、 “醉关公”、吭秦腔……2月21日，在宕昌县城区街道、时代广场，当地举行了贺新春社火进城展演活动。来自两河口镇的社火队为当地群众献上精彩的演出。上午10时许，社火 一年之计在于春。2月20日，湖北省天门市委书记、市人大常委会主任纪道清调研工业经济“开门红”工作。他强调，要牢牢把握高质量发展这个首要任务，把稳增长放在更加突出位置，铆足干劲，奋力夺取一季度“开门 。本文链接：EconoScope | Expanded BRICS to provide new opportunities for economic and trade cooperationhttp://www.sushuapos.com/show-5-31437-0.html
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