April 13, 2011 1:39 PM

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BRICS trade ministers pledge to work together to uphold interests of developing nations

BRICS Trade ministers today pledged to work together to uphold the interests of the Developing nations. Briefing reporters after the meeting, the Chinese Trade Minister Chen Deming said that the member countries maintained that it is necessary for the grouping to strengthen communication and coordination in the G-20, climate Change talks and other multilateral arenas. He said that the ministers of the five countries agreed to establish a liaison group before setting up an institutional set up to enhance ties among the members of BRICS . The group will also work on the specific measures to expand business cooperation between the BRICS countries and broader south -south cooperation with other developing countries. The trade ministers reviewed the fruits of trade and economic cooperation among the BRICS nations. Mr. Chen Deming said that the trade among the members of the grouping has increased at an annual rate of 28 percent and reached 230 billion US Dollars. Pledging to oppose all manifestations of protectionism, the ministers agreed to intensify mutual trade and investment. Speaking exclusively to All India Radio the trade and commerce minister Mr. Anand Sharma said that the meeting was held in two parts and he will take further the opening up of Chinese market for Indian Pharma and IT Sector with his Chinese counter part later this week. China has assured India that it will open up its markets to Indian companies in these two specific areas to address the growing trade imbalance between the two countries. Earlier addressing the press Conference he said that Agriculture, Food inflation and its availability and Doha Talks remained at the centre of discussions in the Meeting.Trade minister of South Africa Rob Davies who participated in the meeting first time said that global economic recovery and restructuring of global financial institutions was discussed in detail in the meeting with a focus on the approach of BRICS nations apart from DOHA talks.The meeting while reiterating its support for Russia to join the World Trade Organization this year said that the decision will give the organization more representative character and expand the influence of the Multilateral trading system. Trade ministers from Brazil and Russia also made brief remarks at the briefing which continued for more ninety minutes. AIR correspondent covering the BRICS reports from port city of Sanya , China that the focus of attention is now the bilateral meetings between Dr. Singh and the Presidents of China and Russia later in the day.

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