Trade among BRICS countries touches $282 billion in 2011: China

BEIJING: Annual trade volume among the five members of BRICS -- Brazil, Russia, India, China and South Africa -- increased to $ 282.8 billion last year, China's Vice Minister of Commerce Wang Chao said today.

Addressing a symposium here, Wang said the gross trade volume between China and the other four members of the BRICS had jumped 37.6 per cent year-on-year to $ 282.8 billion last year, accounting for 7.7 per cent of China's total foreign trade volume for the year.

China has became the biggest trade partner of Brazil, Russia and South Africa and the second-biggest trade partner of India, state-run Xinhua quoted Wang as saying.

The symposium, attended by BRICS delegations, discussed topics regarding trade remedies in a bid to familiarise BRICS members with international economic and trade rules.

The BRICS members agreed to cooperate more closely on fighting trade protectionism and promoting fair trade, Xinhua reported.