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    China's Commerce Minister Zhong Shan (center) speaks during the opening ceremony of the 7th Meeting of the BRICS Trade ministers in Shanghai, China August 1, 2017

    Russia Urges BRICS States to Support Proposals for Simplified Investments in WTO

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    Russia calls on India and South Africa as partners in BRICS to support its proposals in the World Trade Organization (WTO) on the simplification of investment procedures, country’s Economic Development Minister Maxim Oreshkin said on Tuesday.

    SHANGHAI (Sputnik) Currently, a meeting of BRICS ministers of economy development and trade takes place in Chinese city of Shanghai, where the officials are discussing the issues of electronic trade and simplification of investments. The ministers are also preparing for the upcoming WTO ministerial meeting.

    "Russia, Brazil and China made their proposals on the issue within the framework of WTO. At the end of this year, the [WTO] ministerial meeting will take place and I want to urge India and South Africa to support its BRICS partners and take part in the WTO discussions," Oreshkin said at the meeting.

    The issue of simplifying the investment procedures has drawn substantial interest recently and represents a crucial interest for the BRICS member states, the minister added, noting that the discussion on the matter should be promoted at all platforms.

    "Our countries are not only the recipients of the direct foreign investments, but the BRICS states ramp up their export capital too. Taking this into account, the plan on simplification of the investments benefits all BRICS countries," Oreshkin stressed.

    In April, Moscow presented its proposals to the WTO members to use progressive instruments in order to provide transparency of the control regime, simplify the administrative procedures and promote an effective dialogue between the investors and the authorities.

    BRICS is an association of five developing economies, namely Brazil, Russia, India, China and South Africa, aimed at enhancement of cooperation within the union and intensification of the efforts of other international organizations working for world betterment in a number of spheres.


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