Following the virtual BRICS summit held on 23 June 2022, the Beijing Declaration emphasised the need to cooperate to promote economic recovery.
The BRICS group of emerging powers – Brazil, Russia, India, China and South Africa – has launched a number of initiatives to promote closer economic cooperation. These include the BRICS Initiative on Strengthening Supply Chain Cooperation; the Initiative on Trade and Investment for Sustainable Development; and the Agreement on Cooperation and Mutual Administrative Assistance in Customs Matters.
These agreements can strengthen the connectivity of industrial and supply chains, and help to tackle issues such as poverty alleviation, support for agriculture and improved logistics.
Promoting Economic Recovery
The Declaration noted the important role that can be played by BRICS countries in cooperating to overcome the challenges faced by the world economy, achieving economic recovery and promoting sustainable development. The countries committed themselves to practical cooperation in working towards sustainable and inclusive economic recovery after the pandemic. The Strategy for BRICS Economic Partnership 2025 will continue to be implemented at various levels.
The Declaration also acknowledged the role of the digital economy in contributing to global economic recovery. Trade and investment are important for sustainable development and achieving sustainable production and consumption.
Customs administration
Leaders of the customs authorities from the BRICS countries enhanced their cooperation under the Agreement Between the Governments of BRICS Countries on Cooperation and Mutual Administrative Assistance in Customs Matters. The Declaration noted that progress has been made on mutual administrative assistance, capacity building and law enforcement cooperation. The countries are cooperating on enhancing the exchange of pre-arrival customs data on a real time basis, to combat the mis-declaration of goods by traders. Workshops have been held on enforcement cooperation and capacity building. Another aspect of their cooperation is the sharing of best practice on customs administration.
The customs authorities are also taking steps to reform their own procedures. For example, the customs administration in India has introduced amendments to its procedures to reduce the amount of compliance work required from importers and to reduce the need for direct contact between traders and customs officials. Also, during the pandemic India has set up a separate simplified procedure for processing shipments for imported covid-related medical supplies.
Small business
The Beijing Declaration notes the role played by micro, small and medium enterprises (MSMEs) in the BRICS economies and notes the importance of their participation in production networks and value chains. The BRICS countries aim to promote a competitive market environment that can facilitate trade and economic growth. The countries will cooperate on standardization to advance sustainable development.
Tax
Cooperation on the exchange of tax information, capacity building and innovation in tax administration will be enhanced, and a knowledge product setting out the best tax practices from the BRICS countries will be developed for use as a tool to assist other developing countries.
Intellectual property
The BRICS countries are increasing their cooperation on intellectual property and exchanging knowledge on protection of intellectual property rights. They aim to make practical progress in areas such as patents, trademarks, and industrial designs.
