09:20 GMT +319 August 2018
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    BRICS-EEU Cooperation Vital to Kickstart Global Economy - Chinese Minister

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    Cooperation between BRICS and the Eurasian Economic Union (EEU) is vital to kickstart the global economy, China's minister of industry and information told reporters Tuesday.

    MOSCOW (Sputnik) — BRICS is an association of five major developing economies, including Brazil, Russia, India, China and South Africa. Together they account for one-third of the world's economy and 40 percent of its population, estimated at approximately 2.83 billion people.

    The Eurasian Economic Union is a Russia-initiated integration association, streamlining the flow of goods and services between member countries, including Russia, Kyrgyzstan, Armenia, Belarus, and Kazakhstan.

    "This cooperation has a particular meaning at the stage of kickstarting the economy and eliminating protectionism," Miao Wei said.

    Miao Wei stressed that the presence of EEU ministers "is a sign that these two blocks will see new cooperation and projects."

    "China is ready to cooperate with partners to create joint mechanisms. Besides direct trade, there is a more important area of cooperation — industrial cooperation. China welcomes investment in our country and we support Chinese investment in other countries," Miao said.

    On Tuesday, industry ministers of the BRICS countries held a meeting in Moscow. Ministers of the EEU joined their colleagues in the second part of the session.

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    economy, Eurasian Economic Union, BRICS, China
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