Daily Current Affairs 2021 India chairs 2021 BRICS meeting of Contact Group on Economic and Trade Issues | Daily Current Affairs 2021

India chairs 2021 BRICS meeting of Contact Group on Economic and Trade Issues

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Contact Group on Economic and Trade Issues (CGETI)

BRICS members have agreed to take forward India’s proposals circulated in the 2021 BRICS meeting on Contact Group on Economic and Trade Issues (CGETI).

Key Points:

The decision was taken in a meeting of the CGETI that was held from July 12-14, 2021 which was chaired by India.

Note: Of the various groups of BRICS, the CGETI is responsible for economic and trade matters.

During the three-day meeting, the BRICS Members deliberated on the following proposals circulated by India, for strengthening and increasing the intra-BRICS cooperation and trade.

Proposals made by India:

The Members agreed to finalize India’s proposals before the BRICS Trade Meeting which is to be held in September 2021.

The meeting is to be chaired by the Union Minister of Commerce and Industry Piyush Goyal.

The proposals put forward by India are:

  • Cooperation of BRICS regarding Multilateral Trading System.
  • A framework to ensure Consumer Protection in E-Commerce.
  • Non-Tariff Measures resolution mechanism for SPS/TBT (Sanitary and Phytosanitary/Technical Barriers to Trade) Measures.
  • Working Mechanism on Phytosanitary and Sanitary (SPS).
  • A Framework of BRICS regarding Cooperation in the Professional Services.

Key Details about India’s three more proposals to strengthen trade and economy:

BRICS members have also agreed to hold a trade fair show, roundtable meeting of MSMEs and two workshops on services trade statistics to further strengthen economic ties.

  1. A BRICS trade fair will be held from August 16-18, 2021 which will be organized by the Department of Commerce.
  2. The Roundtable of BRICS MSMEs will be held on July 22, 2021, which is to be organized by the Ministry of Micro, Small & Medium Enterprises.
  3. The two Workshops on Services Trade Statistics will be held on July 16 and August 13, 2021, which will be organized by the Reserve Bank of India (RBI).

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