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These include particularly the failure to report major risks and potential risky conditions, and improper contingency management, pointing to serious dereliction of duties and nonfeasance.

Business cooperation is the most important and fruitful aspect of BRICS cooperation. Thanks to our joint efforts, new advances have been made in this cooperation this year. We BRICS countries will forge a partnership on the new industrial revolution, which involves more coordination of macro economic policies, closer cooperation on innovation and industrialization and joint efforts to accelerate economic upgrading and the replacement of growth drivers. Our five BRICS countries have also made good progress in cooperation on trade facilitation, service trade, e-commerce, intellectual property rights and in other fields. These steps will enable us to seize opportunities and meet challenges in a changing world and enrich the BRICS Economic Partnership Strategy.

BOOMING SECTORS

The two sides are firmly committed to fostering an open world economy, promoting trade and investment liberalization and facilitation, and resisting protectionism and unilateralism.