BRICS is an association of five major developing economies, including Brazil, Russia, India, China and South Africa. Together they account for one-third of the world’s economy and 40 percent of its population, estimated at approximately 2.83 billion people.
The Eurasian Economic Union is a Russia-initiated integration association, streamlining the flow of goods and services between member countries, including Russia, Kyrgyzstan, Armenia, Belarus, and Kazakhstan.
“This cooperation has a particular meaning at the stage of kickstarting the economy and eliminating protectionism,” Miao Wei said.
Miao Wei stressed that the presence of EEU ministers “is a sign that these two blocks will see new cooperation and projects.”
“China is ready to cooperate with partners to create joint mechanisms. Besides direct trade, there is a more important area of cooperation — industrial cooperation. China welcomes investment in our country and we support Chinese investment in other countries,” Miao said.
On Tuesday, industry ministers of the BRICS countries held a meeting in Moscow. Ministers of the EEU joined their colleagues in the second part of the session.