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China Looks For BRICS FTA

by Mary Swire, Tax-News.com, Hong Kong

11 October 2016


At his regular press briefing on October 9, Shen Danyang, the Chinese Ministry of Commerce spokesperson, said that a free trade agreement (FTA) between all BRICS countries – Brazil, Russia, India, China, and South Africa – would be "a significant form of practical cooperation."

He added that, by setting up an FTA, BRICS countries would be able, "through the opening of their markets, to remove tariff and non-tariff barriers, give play to their comparative advantages, and advance trade and investment liberalization between them."

Shen noted that China has not formally raised the issue for the BRICS economic and trade ministers meeting on October 13 in New Delhi, but that many experts have proposed an FTA as a means to "promote South-South cooperation on a global scale."

TAGS: Russia | South Africa | tax | free trade agreement (FTA) | India | tariffs | China | agreements | Brazil | trade | Africa

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