BRICS countries need to further enhance coordination: PM

The Ministers agreed to intensify cooperation through expanding mutual trade and investment and made a pledge to oppose all manifestations of trade protectionism, Chinese Commerce Minister Chen Deming told reporters.

To this end, the ministers agreed to establish a liaison group which will analyse the current economic cooperation and trade among the BRICS countries and assess its future trend before it puts forward an institutional framework and specific measures to expand business cooperation between the BRICS countries, he said.

"Ministers exchanged views on the state of the world economy and the role played by the BRICS in the new global economic order. They agreed in the new global economic order," said a joint press statement issued after the meeting.

"They agreed that while the world economy continues the momentum of recovery since the 2008 global financial crisis, its foundation is still far from solid and stable," the statement said the ministers pledged to continue to contribute to global economic growth.

Chen said the world economy has been recovering but the process remains "uneven and faces many risks".

He said the BRICS countries, impacted by the global financial crisis and the stimulus policies instituted by the developed economies, "still face economic overheating issues such as inflationary pressure and asset bubbles".

The ministers, therefore, called upon all the countries of the world to strengthen coordination on macro-economic policies to secure world economic recovery and achieve a strong, sustainable and balanced growth.

The BRICS ministers also pitched for inclusion of Russia in the World Trade Organisation this year, contending that it was "extremely unreasonable" for the country to be excluded in the multilateral trading system even 18 years after it applied for joining it.

"The ministers stressed that Russia's accession would make the WTO more representative and expand the influence of the multilateral trading system," Chen said.

The BRICS ministers expressed their commitment to the intensification of negotiations in Geneva to solve expeditiously all pending issues related to Russia''s accession, the statement said.