76. We draw satisfaction from the progress made by the NDB in providing resources to contribute to the social, economic and environmental prospects of our countries and expect the Project Preparation Fund to be put into operation soon. We welcome the upcoming establishment of the Americas Regional Office in Sao Paulo, Brazil, which, alongside the Africa Regional Centre, will help the NDB consolidate its presence in those continents. We note the NDB's Board of Governors' discussions on Innovative Approaches for Development Finance at its 3rd Annual Meeting on 28-29 May in Shanghai, China, that deliberated on the NDB's future development in the changing global environment.
77. We stress the importance of enhancing BRICS financial cooperation to better serve the real economy and meet the development needs of BRICS countries. In the regard, we reaffirm our commitment to facilitate financial market integration through promoting the network of financial institutions and the coverage of financial services within BRICS countries, subject to each country's existing regulatory framework and WTO GATS obligations, and to ensure greater communication and cooperation between financial sector regulators. We will continue to enhance currency cooperation, consistent with each central bank's legal mandate, and to explore more modalities of the cooperation. We will also further expand green financing, so as to promote sustainable development in BRICS countries.
78. We reaffirm our commitment to support international cooperation in combating illicit financial flows, including cooperation within Financial Actions Task Force (FATF) and World Customs Organisation. In this regard, we underscore the importance of increasing mutual exchanges and data sharing. We emphasise the importance of upholding and supporting the objectives of FATF and to intensify our cooperation to implement and improve its Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation in FATF.
79. Corruption remains a global challenge with long-lasting impact, including the undermining of legal systems of states. It also presents a threat to economic growth by discouraging the necessary local and foreign investment in a country. We reaffirm our commitment to international cooperation as envisaged in Chapter IV of the United Nations Convention against Corruption. In that context, we commit to strengthening international cooperation within the context of the BRICS Working Group on Anticorruption Cooperation. Subject to our domestic legal systems we will cooperate in anti-corruption law enforcement, extradition of fugitives, economic and corruption offenders and repatriation in matters relating to assets recovery and other related criminal and non-criminal matters involving corruption and call on the International community to deny safe haven to corrupt persons and proceeds of corruption. We regard experience sharing and exchange as key to increasing mutual understanding and enhancing BRICS anti-corruption cooperation and will continue our efforts in this aspect as we have done in previous years. We will further offer each other support in the implementation of the UNCAC by creating platforms for exchanging information and exploring convergences in multi-lateral platforms. We commend the African Union on choosing 2018 as the year of combating corruption.
80. In operationalising the Strategy for BRICS Economic Partnership, we welcome the positive outcomes of the 8th BRICS Trade Ministers Meeting as supported by the ongoing activities of the BRICS Contact Group on Economic and Trade Issues (CGETI). We also welcome the good progress made in the implementation of the BRICS Action Agenda on Economic and Trade Cooperation. We encourage measures that support greater participation, value addition and upward mobility in Global Value Chains for our firms, particularly in industry and agriculture, especially Micro, Small and Medium Enterprises (MSMEs), including through the preservation of policy space to promote industrial development. In recognising the importance of increased value-added trade amongst BRICS countries, we commend the Ministers of Trade for reconvening CGETI's Trade Promotion Working Group as well as the BRICS E-Commerce Working Group. We welcome the commissioning of the review of the BRICS Joint Trade Study on promoting intra-BRICS Value Added Trade. We welcome the positive outcomes of the 8th BRICS Trade Ministers Meeting on cooperation on the IPR, e-commerce, trade in service, and further enhancement of cooperation in E-commerce, on standards and technical regulations, MSMEs and model e-port.
81. We welcome the signing of the BRICS Memorandum of Understanding on Regional Aviation. We believe it is an important milestone in strengthening BRICS cooperation in the fields of connectivity and infrastructure.
82. We appreciate the outcomes of cooperation between BRICS Customs Administrations in implementing the Strategic Framework of BRICS Customs Cooperation, and welcome its long-term objectives, including the early conclusion and entry into force of the BRICS Customs Mutual Administrative Assistance Agreement so that the BRICS Authorised Economic Operator Programme is functional by the end of 2022, including mutual recognition of controls and economic operators. In this regard, we further welcome the BRICS Customs Action Plan, which identifies actions that will be taken collectively by the BRICS Customs Administrations in the short, medium and long term to achieve the stated goals and the establishment of BRICS Custom Training Centres. We recognise the potential of the BRICS Customs Cooperation Committee and call for enhanced intra-BRICS cooperation and at relevant multilateral fora, including in trade facilitation, law enforcement, use of advanced information technologies and capacity building.
83. We acknowledge the continued support provided by the BRICS Revenue Authorities for all the international initiatives towards reaching a globally fair and universally transparent tax system. We will continue our commitment to deal with the implications of the digital economy and, within that context, to ensure the fairness of the international tax system particularly towards the prevention of base erosion and shifting of profits, exchange of tax information, both on request and automatically, and needs-based capacity building for developing countries. We commit to deepen exchanges, sharing of experiences, best practices, mutual learning and exchanges of personnel in taxation matters. We welcome the establishment of the Capacity Building Mechanism between BRICS Revenue Authorities.
84. We acknowledge the contributions of the BRICS Business Council and its 5th Annual Report, as well as of the BRICS Business Forum, to enhancing trade and business cooperation in infrastructure, manufacturing, energy, agribusiness, financial services, regional aviation, alignment of technical standards and skills development. We welcome the establishment of Digital Economy Working Group within the framework of BRICS Business Council.
85. Recognizing tourism's great potential to contribute to sustainable economic and social development, we welcome the initiative to establish a BRICS Working Group on Tourism, to foster greater cooperation between the BRICS countries and increase economic development and people-to-people relations. The BRICS Tourism work stream will exchange knowledge, experience and best practices in the areas of travel trade, air connectivity, tourism infrastructure, culture and medical tourism, barriers to tourism marketing, tourism safety and support - financial, insurance and medical. We note with satisfaction that Intra-BRICS Tourism has grown despite the global economic downturn. (more)
