‘BRICS countries may sign economic agreement in five years’  

Moscow, July 6 (IANS) BRICS countries may sign an agreement on greater economic integration in the next five years, Russia’s First Deputy Economic Development Minister Alexei Likhachev said on Monday.

“Of course, it is now premature to talk about the BRICS (Brazil, Russia, India, China South Africa) economic agreement. But if the approach and the crystallisation of our association as an international group will take place at the same pace as now, the economic agreement within a few years will be quite timely and inevitable. I think it can happen within five years,” Likhachev said in an interview with TASS news agency.

In his opinion, the correct decision was that “we do not rush events and not grind out an agreement on free trade zone now”.

“Countries are not yet ready for it psychologically. But we are already discussing the terms of the agreement regime,” he added.

However, Likhachev expressed confidence that “the day when the BRICS countries will speak about the economic agreement is not far away”. According to him, the agreement will undergo several stages.

“At first it will be a declarative document that will inspire our countries to cooperate more actively. Then it could be non-preferential agreements, which optimise regulatory system, simplify customs and investment procedures, create the so-called “green corridors” for goods. The third phase is a preferential regime — concessions that we will make in terms of commodity trade,” Likhachev said.

 

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here