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BRICS Summit: China agrees to prioritise import of more value-added products from India, Brazil

April 13, 2011 - Sanya (Chaia)

China's Commerce Minister Chen Deming on Wednesday assured his Brazilian, Russian, Indian and South African counterparts about prioritising the import of more value-added products from BRIC nations.

Beijing's commitment was revealed at the Chinese beachside resort of Sanya by Indian Commerce Minister Anand Sharma, who said Chinese commodities such as oil, soybeans and iron ore could soon feature on the import list.

Russian Deputy Economic Development Minister Oleg Fomichev said that China had also pledged to set up high-technology projects with Russia.

The BRIC countries (China, Russia, India, Brazil and South Africa) are currently divided by a host of trade disagreements. Brazil and India want China to buy more value-added goods such as Brazilian aircraft (Embraer SA E-190 aircraft) and Indian pharmaceuticals. South Africa wants iron ore and other raw materials processed domestically before exporting them to China.

According to a Bloomberg News report, the five nations have also agreed to push for Russia's entry into the World Trade Organization (WTO) and called for progress in the Doha Round of World Trade Organization trade talks.

Chen told reporters that BRICS nations "still face economic overheating issues such as inflationary pressure and asset bubbles."

CBowing to complaints of Brazilian unions and industry groups, the Brazilian government has applied 29 anti-dumping measures on Chinese-manufactured goods.he measures aim to limit imports on goods the government believes are being sold below cost.

A People's Daily report said the BRICS Ministers discussed other issues of common concern with the objective of deepening cooperation among emerging economies and ways to promote multilateral cooperation.

It was unanimously agreed that the world economy was still in recovery mode since the global financial crisis in 2008, but the recovery was unbalanced and faltered.

The ministers called on all countries to strengthen coordination in macro-economic policy-making so as to ensure further economic recovery and a robust, sustainable and balanced growth.

It was also agreed to set up a liaison that would make proposals on mechanism framework and detailed measures to broaden economic cooperation among BRICS member countries as well as with other developing nations.

Apart from Chen Deming, Anand Sharma and Oleg Fomichev, South African Minister of Trade and Industry Rob Davies and Brazilian Deputy Foreign Minister Carneiro Leao attended Wednesday's meeting.


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