FORTALEZA, July 15 (RIA Novosti), Daria Chernyshova - The BRICS Trade Ministers have acknowledged the "BRICS Economic Cooperation Strategy" and "Framework of BRICS Closer Economic Partnership," as well as welcomed the idea of setting a roadmap for coordinated approach to implement these initiatives, the joint communiqué on the meeting of the BRICS Trade Ministers in Fortaleza says.
"The Ministers acknowledged the documents "BRICS Economic Cooperation Strategy" and "Framework of BRICS Closer Economic Partnership" and welcomed the efforts to establish guidelines for a coordinated approach to economic cooperation among the BRICS, especially on trade and investment," the communiqué reads.
The ministers also welcomed the Joint Trade Study prepared by the Contact Group for Economic and Trade Issues (CGETI).
"The Study makes important recommendations for promoting value-added exports among our countries and ensuring that intra-BRICS trade is more sustainable," the joint statement says.
The ministers took note of the report and instructed the group to continue working on the recommendations and actions that would foster economic cooperation, investment and trade within the BRICS.
According to the BRICS Economic Cooperation Strategy, trade and investment is the key priority area of cooperation. More intense trade and investment ties within BRICS "will create a synergetic effect of growth and make it possible to use the opportunities brought in by complementarity of the BRICS economies," the draft document says.
The volume of trade among the BRICS countries is increasing, and was over $300 billion in 2013.
The BRICS Economic Cooperation Strategy has been created on Russia's initiative and seeks to elaborate new approaches ensuring a more equitable development and inclusive global growth while focusing on the complementarity and strengths of the BRICS economies.