About BRICS Business Council
The BRICS Business Council was launched at the Fifth BRICS Heads of State Summit with South Africa as its chair. The Council resolved to establish working groups to pursue the promotion of trade and industry, business cooperation, technology transfer and development, including the pursuit of business opportunities in third countries and multilateral business. The role of the working groups would be to advise the Council and promote overall business cooperation within the BRICS Business Council Framework.
About the Manufacturing Industry/Sector Working Group
The Manufacturing Industry/Sector Working Group (MI/SWG) was established with the main objective to accelerate the practical interaction on a business to business level with the purpose to grow the manufacturing and related industries, and so create more jobs. The MI/SWG identified manufacturing sectors, categories and products through which to promote investment, trade and cooperation. The group also identified the tariff and non-tariff barriers that needed to be addressed, along with the requisite proposals to deal with these barriers to the mutual benefit of member countries.
The four priorities of the MI/SWG
The MI/SWG identified four overarching priorities to deal with in order to give expression to the BRICS Business Council terms of reference:
- Identifying Projects, Sectors and/or Products for Cooperation Technology/Expertise Exchange, Trade and Investment
- Platform to facilitate Information Exchange on Regulatory Requirements and Incentives between BRICS member markets
- Identify Tariff and Non-tariff barriers and Communication Bottlenecks with respect to identified projects
- Leveraging Complementaries, differing technology layers, levels of industrialisation and market efficiencies
The MI/SWG resolved that templates should be developed through which member states could express their interest in projects, sectors and products for cooperation, trade and investment. The templates would be distributed to members of the MI/SWG who would be responsible to call for expressions of interest to be registered through their completion and returned to the Secretariat. The templates allow for, among other things, an indication of the nature of the cooperation proposed and the identification of the specific project, sector and/or product in terms of which the cooperation was proposed.
The MI/SWG would work towards involving the Broader Business Community. While key companies in each market were represented within the Group they represented only a beginning through which to commence the acceleration of business interaction. Activity would have to be branched out progressively by drawing in more companies and sectors. Business confederations, chambers of commerce and industry, industry federations and industry development organisations would all play a key role in this regard.
BRICS Portal for Manufacturing Industry/Sectors and Related Activities. Information on bottlenecks and completed templates would be forwarded to the administrators of Fudan University of China at www.brics-info.org, who were asked to design a dedicated section for manufacturing and related activities.
Proposals to the BRICS Business Council. Information gleaned from the templates and otherwise would be used to make proposals to the BRICS Business Council for forwarding to the Heads of State Summit on how to better facilitate the acceleration of practical business cooperation and exchange.