BRICS mutual trade: potential and development patterns

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, identifi es 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 diversifi ed commodity structure. China’s goods exports to the BRICS countries are the most diversifi ed, to a lesser extent its imports.