Trade volume among BRICS increases to US$300 bln
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E-mail Xinhua, September 12, 2012
Annual trade volume among the five members of BRICS increased about six-fold in the past decade to 300 billion U.S. dollars last year, Wang Chao, China's vice minister of commerce, said Wednesday.
Addressing a symposium attended by BRICS delegations, Wang said the gross trade volume between China and the other four members of the BRICS -- Brazil, Russia, India and South Africa -- had jumped 37.6 percent year on year to 282.8 billion dollars last year, accounting for 7.7 percent of China's total foreign trade volume for the year.
China has became the biggest trade partner of Brazil, Russia and South Africa and the second-biggest trade partner of India, said Wang.
The symposium, hosted by China's Ministry of Commerce in Beijing, discussed topics regarding trade remedies in a bid to familiarize BRICS members with international economic and trade rules.
The BRICS members agreed to cooperate more closely on fighting trade protectionism and promoting fair trade.
