BRICS Business Forum held virtually.

The BRICS Business forum was held through video conference on October 28, 2020. The forum jointly reviewed its joint work for the previous years, discussed the current business issues and discussed the path for the future.

Highlights

  • The council has achieved a certain success and positive performance since its establishment. This year the meeting has been different amid the COVID-19 pandemic. Pandemic has made the BRICS countries to turn the disease-climate into a platform in order to search for new drivers of trade and economic growth.
  • This meeting was chaired by the head of the Russian chapter of the BRICS Business Council and President of the Chamber of Commerce and Industry of the Russian Federation Sergey Katyrin from Moscow.
  • The forum was held jointly by the support of Ministry of Foreign Affairs of the Russian Federation, Ministry of Economic Development of the Russian Federation and Ministry of Industry and Trade of the Russian Federation.
  • The sessions of the BRICS council were held under understated themes:
    1. “COVID-19 and the economic development of the BRICS countries: problems and actions” and
    2. “Challenges and opportunities for sustainable development: pathways to a green economy.”
  • The former session discussed the agenda for action on climate change and to find ways to sustain economic, industrial and energy development while the later session hold discussions on reducing carbon emissions.

BRICS Business Council

The BRICS Business Council was launched in 2013 BRICS Summit at Durban. The primary task of the council is to increase or broaden trade and investment among the member countries such as Brazil, Russia, India, China and South Africa.

Significance

This year meeting is significant in the light of ongoing COVID-19 pandemic. The world economy has fall into recession because of several lockdowns. Global GDP is shrinking and thus the international trade, investment and demand for key exports has also declined. The global value chains has disrupted and financial markets is also disturbed. Thus to deal with such situation, the forum becomes important.

Objective of the council

The BRICS governments will  support businesses in each of the member nations in every possible way. In this context, the BRICS Business Forum and Business Council are essential for devising effective solutions to support micro, small and medium-sized enterprises.