The term BRICS was coined by Jim O’Neill from Goldman Sachs over a decade ago. Unlike many acronyms, this one has stuck - largely because of the growing share of the world economy associated with the emerging economic powers Brazil, India, China, Russia and South Africa (the latter being added somewhat later.) With the greater global footprint the policy choices of these countries matter more.
This report draws upon the growing Global Trade Alert database of crisis-era policy choices to critically assess the trade strategies of the BRICS nations in advance of their annual summit in Russia in July 2015. The Report provides an up-to-date account of the harm done to these countries’ commercial interests as well as the resort to protectionism and market reforms undertaken by the BRICS. It includes a clear recommendation, namely, that the BRICS ought to be included in the vanguard of measures at the global level to discourage, monitor, and unwind protectionism.
1. Executive Summary
Part One: Benchmarking the BRICS’ resort to protectionism and trade liberalisation
Charts for each BRICS nation
Maps for each BRICS nation
Part Two: BRICS commercial policy choices and global developments
2. The global landscape of protectionism
3. The commercial policy stance of the BRICS
4. The threat to LDC exports posed by the BRICS
Part Three: Crisis-era policy choice by and affecting the BRICS
Release date: 7 July 2015