(Yicai Global) Aug. 31 -- BRICS, the association of five major emerging and developing economies, Brazil, Russia, India, China and South Africa, should develop and implement as soon as possible a road map for trade, economic and investment cooperation before 2020, and further consider the feasibility of the establishment of a BRICS free trade area, a Chinese official said ahead of September's ninth BRICS Summit in the southern city of Xiamen.

Since 2009, BRICS leaders have held regular meetings to discuss a wide range of issues, including the economy and trade.

On the basis of World Trade Organization commitments, BRICS countries should reduce tariffs and barriers to gain early results, and further consider the feasibility of establishing a BRICS free trade zone, said Ye Fujing, director of the National Development and Reform Commission's International Economic Research Institute, in a news briefing on BRICS countries' finance and financial cooperation on August 31.

The five countries approved a service trade cooperation road map at the Seventh Meeting of BRICS Trade Ministers held in Shanghai earlier this month, as well as a cooperation agreement on e-commerce and an investment facilitation cooperation program.