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.
39.5万人次！春节期间上海机场单日旅客吞吐量创下历年春运最高纪录 中新网2月18日电 据上海机场集团微信公众号消息，自2月6日春运出港高峰首日至2月17日(年初八)，上海浦东、虹桥机场共保障进出港旅客437.6万人次( 买买买！去年中国奢侈品市场达到6077亿元，约占全球22% 中国消费者“点燃”奢侈品市场 羊城晚报记者 陈泽云 中国人“买买买”奢侈品的热情和实力又回归了！ 近日，全球最大奢侈品巨头LVMH发布了2023年全年 长三角观察｜揽人、赶工、抢订单：春节拼经济“热辣滚烫” 2月10日是正月初一，上午10点，满载工业品、电子产品和衣帽服饰的新春首列“义新欧”中欧班列从浙江义乌铁路口岸出发，驶往西班牙马德里。 在江苏昆山的华 中国发展网讯 龙年首场强降雪来袭，2月20日上午，雄安分中心涞源养护队第一时间启动抗冰除雪保畅预案，在集中降雪前，提前进行一次有针对性、低剂量的融雪剂撒布工作，避免路面发生结冰现象，同时突出对重点路 我跨境电商占韩海外直购市场近半份额 作者 杨明 凭借“高性价比”和“低物流费”等优势，中国跨境电商企业已占据韩国海外直购市场的近一半份额，本地化服务的提升也是中国企业在韩国快速扩张的重要原因。过去 节后碳化硅衬底掀价格战？产业链上市公司回应来了 《科创板日报》2月22日讯(记者 吴旭光)节后，有市场消息称，国内主流6寸碳化硅(SiC)衬底报价参照国际市场每片750-800美元的价格，快速下杀，价格跌幅直逼三成。 甚 。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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