"The initiative that was officially launched under Russia’s chairmanship last year, and now under the leadership of Brazil, is gaining a special and institutional form," the minister was quoted by a government agency of Brazil.
"The creation of this group within the framework of the partnership is a strategic milestone that will enable us to extend exchange of experience in the area of global economy," he said at a meeting of industry and energy ministers of BRICS countries in Brasilia. Following the meeting, the members of the integration also passed a declaration on support of the free trade regime in global economy.
"The extension of trade restriction policies, including in the form of arbitrary tariff hikes, may spur a further contraction of global trade, violation of supply chains, and uncertainty brought to global economic and commercial activities," according to the declaration published by the press service of the Brazilian government.
The participants of the Brasilia meeting also discussed drafting a comprehensive Strategy for BRICS economic partnership through 2030. It is expected to be endorsed by leaders of member states at a meeting to be held in Brazil’s Rio de Janeiro on July 6 and 7.
