BRICS countries engaged in increasing service trade amid global recession, this decision was taken

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BRICS countries engaged in increasing service trade amid global recession, this decision was taken


Image Source : India TV
BRICS

Highlights

  • Joint Conference of Brazil, Russia, India, China and South Africa
  • All countries have given emphasis on digitization to increase trade
  • Digital business picks up pace after Corona

Global economic slowdown: Amidst the turbulent economic situation in Sri Lanka, the BRICS countries have taken a big step in the field of increasing service trade. So that the economy can be revived in the midst of the global recession. In recent years, the circle of China’s friends in favor of the service business has become wider. Among them there has been a big increase in the scale of service trade with the BRICS countries. According to the representatives of BRICS countries who visited the Chinese International Services Trade Fair in 2022, digital empowerment of trade in services is the general trend. The inherent strength of service trade cooperation among BRICS countries will be enormous.

BRICS is a joint organization of the countries of Brazil, Russia, India, China and South Africa. According to data released by the Chinese Ministry of Commerce, China’s service import-export reached more than $ 8 trillion for the first time in the year 2021, setting a new record in history. And it increased by 21 percent compared to the year 2020. Among them, service trade with BRICS countries increased by 52 percent compared to the year 2020. Qu Thing, Assistant Minister of the Chinese Ministry of Commerce, said that BRICS cooperation in service trade has shown strong resilience.

Digital business intensified in the Kovid epidemic

Sasha Müller, economic adviser to the chief treasurer of South Africa’s ruling party ANC, said that South Africa’s cross-border e-commerce exports to China have increased significantly in recent years, and there has been close service trade exchanges between the two countries. has been provided. According to the Brazilian Deputy Economy Minister Alexandre Yavat, the digital process of commerce and social development has been accelerated by the Kovid-19 epidemic. In this backdrop, digitization has become a necessity, not an option.

Business will get momentum due to digitization
Vladimir Ilyichev, Deputy Minister of the Ministry of Economic Development of Russia, said that today digital services are embedded in various applications such as e-government, e-commerce, e-health, e-banking and e-ticketing. BRICS countries should take steps to strengthen and enhance cooperation in the service sector. Amit Yadav, Assistant Minister of Commerce and Industry of India said that the cooperation of service trade will take forward the process of globalization. He also advised that BRICS countries should increase institutional cooperation in the field of digitization and help countries to connect.

Countries engaged in strengthening the economy
Brazil, Russia, India, China and South Africa are working to strengthen their respective economies. During this, the economic situation of China and Russia is worse. At the same time, India has kept its economic position strong. In this global recession, India has emerged as an inspiration for other countries. In the recent quarter, India has shown the world that it is not behind in any sense with its GDP growth of 13 percent.

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