The second BRICS Industry Ministers’ Meeting kicked off in Hangzhou on June 29. Ministers from China, Brazil, India, South Africa and Russia gathered to talk about industrial cooperation in the current era of new technology.

The world is in the midst of a fourth industrial revolution, driven by new high-tech fields such as AI and robotics.

“Ministers have jointly signed an action plan for deepening industrial cooperation among BRICS countries. The world economy is still suffering from the last crisis. Industries are facing both opportunities and challenges brought by new technologies. BRICS countries should utilize our existing cooperation platforms to deepen cooperation in key areas,” said Miao Wei, minister of industry and information technology.

Manufacturing industry leaders from the five countries have also held a round-table meeting to talk about investment and innovation.

The BRICS countries contribute to a third of the world’s industrial output and they are at a similar level of industrialization. The potential for cooperation is substantial.

The ministers also called for greater commitment in fostering the trade of manufactured goods as well as mutual investment, in the midst of rising protectionist sentiment around the globe.