China, BRICS trade ministers vow to fight protectionism

China and the other BRICS nations pledged on Wednesday to fight protectionism and safeguard intellectual property rights, even as US President Donald Trump considers action against what he sees as unfair trade practices by China.

Trade ministers from Brazil, Russia, India, China and South Africa concluded two days of meetings in Shanghai agreeing to deepen trade and investment links, and "safeguard and develop" the multilateral trading system, according to a statement by Chinese Commerce Minister Zhong Shan.

"Ministers were committed to continue to firmly oppose trade and investment protectionism, recommitted to their existing pledge for both standstill and rollback of protectionist measures, and called upon countries to join in that commitment," the statement said.

The ministers also approved guidelines for cooperation between the five countries on intellectual property rights (IPR). "Ministers agreed to promote exchanges and cooperation on IPR legislation and enforcement in order to create favourable conditions for trade and innovation-driven economic development," the statement said.

China's Commerce Minister Zhong Shan attends a news conference of BRICS (Brazil, Russia, India, China and South Africa) trade ministers meeting in Shanghai, China August 2, 2017.Aly Song

On Tuesday, a senior Trump administration official said Trump could decide as early as this week on how to respond to what he considers China's unfair trade practices.