Trade volume among BRICS nations up six-fold

September 12th, 2012 - 6:37 pm ICT by IANS  

Beijing, Sep 12 (IANS) The annual trade volume among five BRICS countries reached $300 billion in 2011, about six-fold increase over the past decade, a Chinese minister said.

The BRICS nations are Brazil, Russia, India, China and South Africa.

The gross trade volume between China and other four members of the grouping rose by 37.6 percent year-on-year to $282.8 billion last year, Vice Commerce Minister Wang Chao said.

The figure accounted for 7.7 percent of China’s total foreign trade volume for the year, Wang said at a BRICS symposium in Beijing Wednesday, Xinhua reported.

China has became the biggest trade partner of Brazil, Russia and South Africa and the second-biggest trade partner of India within the grouping, said Wang.

The symposium, hosted by China’s commerce ministry, was held in a bid to familiarize BRICS members with international economic and trade rules.

The BRICS members agreed to cooperate more closely and promote fair trade.

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