BRICS Nations Will Account For 50% Of Global Economy By 2030
Growing Free Trade Links Are Rebalancing Global Trade
The BRICS economic bloc of countries, which include Russia, along with Brazil, China, India and South Africa, will account for more than half the GDP of the global economy in ten years, according to Russian Finance Minister Anton Siluanov.
“The economy of the BRICS countries today occupies one third of the world economy. According to our modest calculations, by 2030 our economies will occupy more than half of the global economy,” Siluanov told the VI Conference on competition under the auspices BRICS in Moscow.
Brazil, Russia, India, China and South Africa have an effect on the global business competition and it is particularly important to combine efforts of the group to eliminate trade barriers, said Siluanov.
The BRICS bloc has been making strides in the issue concerning trade barriers. China was a large driver behind the creation of the African Continental Free Trade Agreement, and has been active in its own right developing a significant number of Free Trade Agreements including with the ASEAN nations, while Brazil is a lead partner in the South American Mercosur bloc India is involved with the proposed Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation (BIMSTEC) and has commenced negotiations to join the Eurasian Economic Union of which Russia is the lead partner.
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