(Yicai Global) July 27 -- China will import more than USD8 trillion (CNY54 trillion) in goods over the next 5 years, presenting immense business opportunities for countries worldwide, including Brazil, Russia, India, China and South Africa, collectively known as BRICS, China's Vice Minister of Commerce Wang Shouwen said at the briefings for the Seventh Meeting of BRICS Trade Ministers on Tuesday.

The meeting will take place from Aug. 1 to Aug. 2 in Shanghai.

China will further promote market liberalization and expand imports, including those from BRICS members, Wang said.

"We look forward to the active participation of BRICS countries in enabling more of their products to enter the Chinese market to achieve mutual benefits," Wang said of the China International Import Fair, to be held from 2018.

BRICS economies accounted for 23 percent of the world's total economic output in 2016, but only made up 16 percent of global trade, 16 percent of inbound foreign investments and 12 percent of outbound overseas investments.

"The data shows that BRICS countries have great potential in both trade and investment," Wang said.

The five countries held economic and trade negotiations at the start of the year, but we'll have to wait to find out the result of the talks, a source familiar with the discussions told Yicai Global.

Economic and trade cooperation among BRICS countries is progressing smoothly, said a senior official who has participated in international trade negotiations for many years.

Key issues on the agenda at the meeting are likely to be coordinating divergent positions of global economic governance, safeguarding the multilateral trading system, resisting protectionist trade from the US and safeguarding the sustainable growth of developing countries.

This meeting will be the first to integrate economic and technical cooperation among member states into the agenda on trade and economic cooperation.

"This will fundamentally enhance the ability of the countries to develop trade investments, help members accelerate their integration into global value chains and rise upstream to better share the fruits of economic growth and globalization," said Wang Shouwen.

Consultation is in progress on the BRICS e-commerce initiative and the BRICS electronic port network, Zhang Shaogang, director of the commerce ministry's international affairs department said.

China expects the meeting to make positive progress on the establishment of the electronic port network and hopes to work with other members to enhance data sharing and capacity-building in port construction and operate a single-window system with paperless trade to upgrade the interconnection of supply chains, Zhang said.