On October 24, the Ministry of Commerce held a press conference to discuss key recent initiatives in the business sector and to answer questions from journalists. He Yadong, the spokesperson for the Ministry, announced that the 16th BRICS Summit will take place in Kazan, Russia from October 22 to 24, 2024. This year marks a historic expansion of BRICS, a significant milestone in the organization’s development. During the summit, leaders will reach consensus on practical cooperation in various economic and trade areas, including enhancing special economic zones, facilitating agricultural trade, implementing trade measures related to the environment and climate, strengthening value chains, advancing e-commerce, and supporting the multilateral trading system. This groundwork will enrich the economic context for what they describe as “Big BRICS Cooperation” following the expansion.

He Yadong also highlighted that during the leaders’ meeting, President Xi Jinping announced the establishment of a China Cooperation Center for BRICS Special Economic Zones. This center will include various forms of special economic zones, such as free economic zones, free ports, free trade zones, industrial parks, and high-tech parks, all of which play vital roles in trade and investment partnerships. This innovative initiative aims to enhance connections among BRICS members’ special economic zones through industry matching, policy research, experience sharing, and capacity building, ultimately improving practical cooperation in the economic and trade sectors among BRICS nations.

He further stated, “Looking ahead, China is eager to collaborate with other BRICS members to elevate economic and trade cooperation to new heights.”