Ministers of the Brazil, Russia, India, China and South Africa coalition have pledged to fight protectionism and to protect intellectual property rights. The Ministers agreed to this on Wednesday, even as American President Donald Trump is considering actions on what he sees as unfair trade practises by China, reports the lakelandobserver.com.
Ministers of the bloc concluded two days of talks in Shanghai with agreements to strengthen trade and investment links, says a statement released by Chinese Commerce Minister, Zhong Shan. According to the statement the Ministers also agreed to develop and safeguard the multilateral trading system.
“Ministers are committed to continue to firmly oppose trade and investment protectionism, recommitted to their existing pledge for both standstill and rollback of protectionist measures and called upon countries to join in that commitment,” said the statement.
The Ministers agreed to guidelines for cooperation on intellectual property rights (IPR) between members of the bloc.
The statement said that the “Ministers agreed to promote exchanges and cooperation on IPR legislation and enforcement in order to create favourable conditions for trade and innovation-driven economic development.”