57. We recognise the critical and positive role the internet plays globally in promoting economic, social and cultural development. In this regard, we commit to continue to work together through the existing mechanisms to contribute to the secure, open, peaceful, cooperative and orderly use of ICTs on the basis of participation by all states on an equal footing in the evolution and functioning of the internet and its governance, bearing in mind the need to involve the relevant stakeholders in their respective roles and responsibilities.
58. We recognise the importance of BRICS scientific, technical, innovation and entrepreneurship cooperation for sustainable development and to enhance inclusive growth. We welcome the dynamic development of BRICS cooperation in science, technology and innovation and attach special importance to the advancement of our joint work in this area. We affirm the value of implementing coordinated BRICS scientific projects aimed at promoting BRICS science, technology and innovation potential as a contribution to our combined efforts in addressing the challenges of the Fourth Industrial Revolution.
59. We commend the progress of ongoing BRICS IPR cooperation. We recognise the importance of the development and transfer of technologies, including to developing countries, contributing to long-term sustainable and balanced global growth, and in this regard stress the importance of strengthening cooperation in intellectual property rights which contributes to innovation and the advent of new technologies to the benefit of society as a whole.
60. We are convinced that trade and technology are vital sources of inclusive growth, including through economic integration and consolidation of global value chains in sustainable and equitable ways. Technological progress will have wide ranging implications for production of goods and services as well as incomes of people. Appropriate policies and measures need to be taken to ensure that the developing countries benefit from the advantages of technological progress and do not suffer from lack of its early adoption. It is essential to develop effective policies to bridge the digital divides, including through supporting people to learn and by adopting new technologies and ensure effective mechanisms for transfer of relevant technologies.
61. We strongly acknowledge that skills development is critical to addressing the emerging mismatch between the new skills demanded by an increasingly technology-and knowledge-driven global economy and the older skill set of many workers. The pace, scale and scope of present-day economic change make it that more challenging. In this regard, we support measures including policy recommendations proposed in the G20 Initiative to Promote Quality Apprenticeship and the BRICS Action Plan for Poverty Alleviation and Reduction through Skills, to further facilitate vocational training, lifelong learning and the training that is relevant to the fast-changing demand of growing economies and world of work.
62. We reaffirm the centrality of the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, as embodied in the World Trade Organisation (WTO), that promotes a predictable trade environment and the centrality of the WTO, and recognise the importance of the development dimension, and will make all efforts to strengthen the multilateral trading system.
63. We recognise that the multilateral trading system is facing unprecedented challenges. We underscore the importance of an open world economy, enabling all countries and peoples to share the benefits of globalisation, which should be inclusive and support sustainable development and prosperity of all countries. We call on all WTO members to abide by WTO rules and honour their commitments in the multilateral trading system.
64. We recall that the WTO Dispute Settlement System is a cornerstone of the multilateral trading system and is designed to enhance security and predictability in international trade. We note with concern the impasse in the selection process for new Appellate Body Members that can paralyse the dispute settlement system and undermine the rights and obligations of all Members. We, therefore, urge all Members to engage constructively to address this challenge as a matter of priority.
65. We acknowledge the need to upkeep WTO's negotiating function. We, therefore, agree to constructively engage in further developing the current legal framework of the multilateral trading system within the WTO, taking into consideration the concerns and interests of all WTO members, including in particular the developing members.
66. We acknowledge the importance of infrastructure development and connectivity in Africa and recognise the strides made by the African Union to identify and address the continent's infrastructure challenges, inter alia, through the New Partnership for Africa's Development (NEPAD) and the Programme for Infrastructure Development in Africa (PIDA). We support the importance of stimulating infrastructure investment on the basis of mutual benefit to support industrial development, job-creation, skills development, food and nutrition security and poverty eradication and sustainable development in Africa. We therefore reaffirm our support for sustainable infrastructure development in Africa, including addressing the infrastructure financing deficit.
67. Keenly aware of the need for Africa's industrialisation and the realisation of the African Union's Agenda 2063, we commend African countries and the African Union on the signing of the African Continental Free Trade Area (AfCFTA). The AfCFTA is an important step to economic integration on the continent and the unlocking of the tremendous potential of intra-African trade and in addressing its socio-economic challenges. In this regard, we reiterate our support for Agenda 2063 and efforts to promote continental integration and development.
68. We advocate for a strong Global Financial Safety Net with an adequately resourced, quota-based International Monetary Fund (IMF) at its centre. To this effect, we reaffirm our commitment to conclude the IMF's 15th General Review of Quotas, including a new quota formula while protecting the voice of the poorest countries by the 2019 Spring Meetings and no later than the 2019 Annual Meetings. Governance reform of the IMF should strengthen the voice and representation of the poorest members of the IMF, including Sub-Saharan Africa.
69. We welcome and congratulate Governor Lesetja Kganyago of the South African Reserve Bank on his appointment as the Chair of the International Monetary and Financial Committee.
70. We note the steps undertaken on strengthening and ensuring the operational readiness of the BRICS Contingent Reserve Arrangement (CRA) and welcome the completion of a successful test run of the de-linked portion of the CRA mechanism. We encourage cooperation between the CRA and the IMF.
71. We note with satisfaction the progress achieved on establishing the BRICS Local Currency Bond Fund, and look forward to starting its operation.
72. We agree to further strengthen cooperation on convergence of accounting standards and auditing oversight of BRICS countries in the area of bond issuance, and to further cooperation in these areas.
73. We welcome the signing of the Memorandum of Understanding on Collaborative Research on Distributed Ledger and Blockchain Technology in the Context of the Development of the Digital Economy. We believe that this work will contribute to our cooperation in adapting to the evolving internet economy.
74. Infrastructure, investment and international development assistance projects are the bedrock for sustainable economic development and growth; boosting productivity and enhancing integration. We stress the significance of infrastructure development and integration to foster closer economic ties.
75. We underscore the role that Multilateral Development Banks (MDBs), in particular, the New Development Bank (NDB), are playing in catalysing private sector financing for public infrastructure and investment. (more)
