05:50 GMT +313 November 2019
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    Minister of Economic Development of Russia Alexei Ulyukaev at his briefing The Prospects of Economic Cooperation with Regards to BRICS and the SCO

    BRICS Not Discussing Creation of Free-Trade Zone - Russian Minister

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    2015 BRICS, SCO Summits in Russia's Ufa (73)
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    Russian Economic Development Minister Alexei Ulyukayev said that in regard to individual formats Russia is discussing the possibility of creating non-preferential zones with China and India, but not with all BRICS countries.

    UFA (Sputnik) – The members of BRICS are currently not discussing a possible free-trade zone, Russian Economic Development Minister Alexei Ulyukayev said Friday.

    "In regard to individual formats, we’re working and we’re discussing the possibility of creating non-preferential zones with our Chinese colleagues, and we’re discussing similar possibilities with our Indian colleagues. There is a large amount of work ahead, but has been started conceptually. So far there are no discussions on expanding the bilateral formats into multilateral formats," Ulyukayev told journalists at a press conference in Ufa.

    Russia is already a member of the Eurasian Economic Union, alongside Kazakhstan, Belarus and Armenia, which aims to achieve the free flow of goods, services, capital and labor across its member states.

    Brazil, Russia, India, China and South Africa are holding the seventh annual summit in the Russian city of Ufa. The meeting will conclude later in the day. The leaders of the five emerging economies gathered to discuss cooperation in the areas of global peace and security, social issues, energy and climate change.

    2015 BRICS, SCO Summits in Russia's Ufa (73)


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