Lower commodity prices give the BRICS new opportunities

The drop in world prices for raw materials will give the BRICS countries opportunities to develop their small and medium business sectors, said Xu Yue, Chair of the BRICS Business Council’s China Section.

“The new economic paradigm provides us with new opportunities... Now, the lower prices for raw materials present a huge challenge, but this also gives us the opportunity to develop in our countries those industries that are not based on the export of raw materials, as well as those which help the manufacturing sector, small and medium businesses, and others. We are creating a platform within the BRICS organization for the development of such initiatives,” said Xu Yue, speaking at a meeting of the BRICS Business Council.

According to him, if the BRICS countries continue with their commitments to cooperate with each other, they will be able to overcome such “short-term difficulties, such as falling energy prices”.

“I would encourage the BRICS community to remain confident that our cooperation will contribute to the overall global economic recovery. Our Business Council should involve the cooperation of those companies that can contribute to the development of mechanisms of cooperation,” he noted.

The BRICS is an informal interstate association of Brazil, Russia, India, China and South Africa. The total population of the BRICS countries is 2.83 billion people (42% of the world total).

First published in Russian by RIA Novosti.

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