MercoPress. South Atlantic News Agency

BRICS countries agree to deepen financial, customs cooperation

China is this year’s chair of BRICS

Following a virtual meeting Tuesday, dignitaries of all five BRICS nations (Brazil, Russia, India, China, and South Africa) have pledged to deepen financial and customs cooperation.

Since BRICS was established in 2013, customs joint work has proved successful while trade has been on a stable growth path, according to Chinese General Administration of Customs Deputy Director Sun Yuning.

China's trade with BRICS countries totaled US$ 490.42 billion in 2021, up 39.2%year-on-year, higher than the overall level of China's foreign trade in the same period, official data show.

All sides are expected to gradually improve the intelligence level of customs infrastructure, its supervision methods and administrative management, and form cross-border coordinated governance among border administration departments, Sun said.

The bloc also vowed to ensure that customs authorities of BRICS countries will continue to work together to safeguard the international supply chain and promote rapid economic and trade recovery, it was explained.

According to Chinese state-run media, BRICS countries also agreed to strengthen coordination on macroeconomic policy at a virtual meeting of finance ministers and central bank governors Monday, during which topics such as improving the Contingent Reserve Arrangement and the cooperation of transition finance and other areas were discussed.

India's Finance Minister Nirmala Sitharaman said growth will be driven by fiscal spending. She added that BRICS should continue to serve as a platform to engage in dialogues and facilitate the exchange of experiences, concerns, and ideas for rebuilding a sustainable and inclusive growth trajectory.

China is this year’s chair of BRICS and is expected to hold the annual summit of the five-member bloc this month. China's central bank governor Yi Gang spoke highly of the concerted efforts made by all BRICS countries in achieving positive progress in financial cooperation.