Chinese Vice Minister of Commerce Wang Showen said that BRICS Summit on Thursday has pointed a clear direction for BRICS countries to deepen supply chain cooperation, according to a statement issued on the website of the Ministry of Commerce on Friday.

The BRICS Summit  has reaffirmed that openness, efficiency, stability, transparency, reliability and resilience of the global, regional and national production and supply chains are crucial in combating the COVID-19 pandemic, tackling an uneven economic recovery, and boosting international trade and investment. 

The summit also stressed the need for concrete measures in various fields, such as vaccine cooperation, internet connectivity, technical standards and regulations, service trade, ports and logistics infrastructure, and development of small- and macro-enterprises.

Wang noted theses measures have laid out the direction and priorities for BRICS countries to deepen supply chain cooperation especially as countries have sought to decoupled their economies from international systems by building “high walls,” which has seriously affected the security and stability of the global supply chains and hindered the recovery of the global economy.

"In this context, as representatives of major emerging markets and key global supply chain nodes, BRICS countries have shown their responsibility and set an example for the rest of the world by taking the initiative to strengthen supply chain cooperation,” Wang said.

China looks forward to wider and deeper cooperation with BRICS countries on industrial and supply chains to jointly create a stable, secure and mutually beneficial industrial and supply chain system and promote trade and investment flows, leading to a sustained economic recovery, Wang said.

The BRICS, a bloc that was created by an emerging market group, gets its name from the first initials of its members – Brazil, Russia, India, China and South Africa. 

Global Times