The objective is to strengthen cooperation between small and medium-sized enterprises in these countries
A joint action plan to deepen industrial cooperation among the countries that form the BRICS (Brazil, Russia, India, China and South Africa) was signed on Wednesday (2) during a meeting of the industry ministers of the bloc In Hanghzou, China.
The plan was made to facilitate implementation of the consensus reached at the 1st BRIC Industry Ministers Meeting held in October 2015 in Russia. The meeting resulted in the expansion of industrial cooperation in key areas and deepening of mutual benefits.
The initiative of the United Nations Industrial Development Organization (UNIC) and the BRIC wants to promote further development through industrial exchange and encompasses a nine-point action plan. The aim is to strengthen cooperation between small and medium-sized enterprises operating in these countries.
United Director Li Yong said the UN agency is an efficient partner. For him, the United wants to understand the realities of globalization and how best to manage the new international framework with governments and other partners in the area of cooperation. Li Yong said that a better understanding of the new industrial revolution will help alleviate its potential negative impacts, especially in developing countries.
"The world economy is still suffering from the latest crises. Industries experience both opportunities and challenges brought about by new technologies. BRIC members should use our existing cooperation platforms to deepen cooperation in key areas, "said Miao Wei, China's Minister of Industry and Information Technology.
This is the second time that industry ministers from the bloc of the five emerging countries have met. With the theme of the New Industrial Revolution, Opportunities and Challenges in Manufacturing, the meeting takes place before the next BRIC summit scheduled for 3-5 September in Xiamen City, Fujian Province, China.
The BRIC countries contribute to a third of world industrial production and are at similar levels of industrialization. The potential for cooperation is substantial. At this second meeting, ministers indicated the need for greater commitment to promote trade in goods and exchange of investments in the face of a growing sense of protectionism in the world.