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New Areas of BRICS Trade, Economic and Investment Cooperation within BRICS under South Africa’s Chairmanship
24 May 2018
15:00—16:15
KEY CONCLUSIONS
BRICS economic growth rate is increasing

Starting last year, all BRICS countries have demonstrated positive trend in economic growth. Moreover, we expect that the growth rate will be increasing through 2018 and 2019, especially in India — Yaroslav Lissovolik, Chief Economist, Eurasian Development Bank (EDB).

New Development Bank expands the range of activity

Last year we signed a memorandum establishing New Development Bank — Sello Mashao Rasethaba, Chairman, Black Business Council.

This year we have started working with private sector <…> including loans that are not guaranteed by the government. <…> Economic activity is growing. As for bank loans, generally, there are no problems there <…> and sanctions will not be a challenge to credit financing — Kudnapur Vaman Kamath, President of the New Development Bank (NDB) .

ISSUES
Protectionism grows

Global economy risks are related to protectionism in many cases initiated by developed countries — Yaroslav Lissovolik, Chief Economist, Eurasian Development Bank (EDB).

Certainly, there is a number of challenges <…> and one of them is agriculture. As for subsidies from the USA and the EU, we have to choose <…> between allowing these products to enter South Africa and losing 6,000 jobs, for example — Slauzy Zodwa Mogami, Founder, CEO, Chairperson, Ladies in the Frontline.

Biased ratings of BRICS companies

Many of the BRICS countries consider that often our countries and some of our banks get a biased evaluation. We would like to see more neutral ones that we can further relate to — Sergey Katyrin, President, Chamber of Commerce and Industry of the Russian Federation.

SOLUTIONS
Increasingly active use of BRICS national currencies

The last two years have shown the importance of turning to local currency. Volatility <…> can have a negative effect on our countries — Kudnapur Vaman Kamath, President of the New Development Bank (NDB) .

In Development Bank, we witness a growing demand for national currency in project activity. The possibilities of using national currencies are increasing as new platforms are being formed — Yaroslav Lissovolik, Chief Economist, Eurasian Development Bank (EDB).

Reducing administrative barriers for business and supporting SME

We <…> propose an initiative to develop a road map for eliminating excessive administrative barriers. <…> [We need] to exchange national SME support practices, consider new joint mechanisms that might expand SME funding possibilities, and facilitate SME integration in the business chains — Elena Myakotnikova, Corporate director, Agency for Strategic Initiatives.

Transport and logistics infrastructure development

In BRICS countries, development of logistics related cooperation has a great future. <…> [We] bought a Greek company. When we just did, its turnover capacity was only 80 thousand tons. After the acquisition, it reached 4 million tons. <…> Through these investments, we managed to develop local infrastructure and provide a huge number of jobs — Jiakang Sun, Executive Vice President, China COSCO Shipping Corporation Limited.

Infrastructure is of paramount importance. We see projects that reach continental scale in BRICS area — Yaroslav Lissovolik, Chief Economist, Eurasian Development Bank (EDB).

Expanding trade

As a first step towards creating such an agency, we propose <…> the countries to offer their national agencies to form a network. <…> Our partnership with one of the Chinese rating agencies, <…> Golden Credit, could be used as a prototype of this network. <…> There is a discussion that this organization can be supra-national, which will require international agreements — Elena Myakotnikova, Corporate director, Agency for Strategic Initiatives.

Interaction among BRICS countries is especially important in terms of qualitative characteristics of our economic growth. In case of India, it is the question of inclusive development. In case of China, it is the question of sustainable environmental development. In case of Russia, it is the question of sustainable economic growth and <…> industrial diversification — Yaroslav Lissovolik, Chief Economist, Eurasian Development Bank (EDB).

We have to understand that the trade among all BRICS countries is actually open and free. BRICS face the need <…> to help small agricultural farmers — Slauzy Zodwa Mogami, Founder, CEO, Chairperson, Ladies in the Frontline.

Active use of modern tools and technologies

Second vector of the initiative is eliminating barriers on the way to technological development. <…> Legislation and regulation are behind technological progress — Elena Myakotnikova, Corporate director, Agency for Strategic Initiatives.

Franchising is an ocean of possibilities and BRICS are the countries that allow for these possibilities to be implemented in several continents — Agnessa Osipova, President, Russian Franchising Association.

Creating an international women alliance

Today women own mostly small and medium-sized business in BRICS. <…> BRICS Business Women Alliance is a tool that should help to actively involve female entrepreneurs in international trade — Anna Nesterova, Founder, Chairman of the Board of Directors, Global Rus Trade.

We are happy to support Russia on the women alliance initiative — Slauzy Zodwa Mogami, Founder, CEO, Chairperson, Ladies in the Frontline.

The material was prepared by the Russian news agency TASS