BRICS mutual trade: potential and development patterns

Liliya Sergeevna Revenko and Nikolaj Sergeevich Revenko
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Liliya Sergeevna Revenko: Moscow State Institute of International Relations (University) of the MFA of Russia, Moscow, Russia
Nikolaj Sergeevich Revenko: Institute for Research of International Economic Relations, Financial University under the Government of the Russian Federation, Moscow

Russian Foreign Economic Journal, 2018, issue 10, 70-81

Abstract: Ensuring stable economic growth of the BRICS countries implies the expansion of mutual trade. The article considers the evolution of BRICS member states’ approaches to the development of mutual trade, identifies the factors affecting the growth of goods turnover. The common position of BRICS countries on global trade policy, their support for the existing rules of the multilateral trading system with the WTO central role, is noted. The potential, dynamics and commodity structure of mutual trade from 2011 to 2017 are analyzed. The volumes of the mutual trade have been modest but show a steady upward trend with a relatively diversified commodity structure. China’s goods exports to the BRICS countries are the most diversified, to a lesser extent its imports.

Keywords: BRICS; foreign trade; trade policy; WTO; Business Council; trade agreements; commodity structure; goods turnover. (search for similar items in EconPapers)
Date: 2018
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