BRICS Summit adopts documents on cooperation in areas of Economy and Trade, Innovation and Customs

Sep 5, 2017 12:48 IST
BRICS Summit adopts documents on cooperation in areas of Economy and Trade, Innovation and Customs

BRICS (Brazil, Russia, India, China and South Africa) nations on 4 September 2017 signed four documents that aim at improving and broadening cooperation mechanism and promoting industrial and technical upgradation to enhance economic complementarities.

The documents were signed with the hope to give a boost to trade ties between the five nations of the group. Documents signed in the presence of BRICS Leaders during BRICS Summit - 2017 in Xiamen, China includes

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1. BRICS Action Agenda on Economic and Trade Cooperation

2. BRICS Action Plan for Innovation Cooperation(2017-2020)

3. Strategic Framework of BRICS Customs Cooperation

4. Memorandum of Understanding between the BRICS Business Council and the New Development Bank on Strategic Cooperation

BRICS Summit 2017: Xiamen Declaration condemns Pak-based terror groups

These documents were signed during the summit on Action Agenda on Economic and Trade Cooperation, Innovation, Customs Cooperation and MOU with Development Bank on Strategic Cooperation.

BRICS action plan for innovation cooperation intends to facilitate innovation driven development for sustainable development. Strategic frame work of BRICS custom cooperation is meant for mutual sharing of information recombination of customs control and mutual assistance in enforcement as guiding principles.

MoU between BRICS business council and New Development Bank on strategic cooperation is for economic and financial research activities in local markets, knowledge exchange financial institution cooperation and human resource development.

Five banks of BRICS nations sign agreement to establish credit lines

Besides, naming the Pakistan-based terror groups like Lashkar-e-Taiba and Jaish-e-Mohammad the BRICS leaders called for a comprehensive approach to combat terrorism. This declaration by BRICS leaders is being seen as a big achievement for India's campaign against terrorism emanating from Pakistan.

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