Globalisation and Emerging Economies

Brazil, Russia, India, Indonesia, China and South Africa

image of Globalisation and Emerging Economies
OECD countries still dominate the world economy, but their share of world trade dropped from 73% in 1992 to 64% in 2005, and some of the world’s most important economies are not members of the OECD. Foremost among these are the so-called BRIICS: Brazil, Russia, India, Indonesia, China and South Africa.

This book analyses key elements of the trade performance of the BRIICS in relation to the rest of the world, focusing on trade and other policies influencing that performance. Developments in global trade policy are reviewed, notably the impact of preferential trade agreements on the multilateral system and patterns of world trade are described using both indices that reveal networks of trading relations and more standard modeling results.

As well as the global analysis, the book also presents a separate chapter for each of the BRIICS, examining the key development and trade issues in each of the six countries over the past few years.




Russia is the largest economy in the world that is not a member of the World Trade Organisation (WTO), and, as of early 2008, it was among 30 countries in the long process of negotiating its accession to the WTO. Russia applied for membership in the General Agreement on Tariffs and Trade (GATT) in June 1993 and the GATT Working Party was transformed into the World Trade Organisation Working Party in 1995. During his first Administration, President Putin made WTO accession a priority for Russia, and after languishing for several years, the Russian accession negotiations began to see real progress under his administration. By early 2008, Russia had achieved bilateral agreements with almost all nations on its WTO Working Party, however, significant differences with Georgia and some other contentious issues remained.


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