Trade and economic indicators of BRICS countries in 2015–2020

Abstract

Ensuring stable economic growth of the countries of the BRICS integration group presupposes the intensifi cation of mutual foreign trade turnover. In the article, the author examines the evolution of approaches of the BRICS member countries to the development of mutual foreign trade, identifi es the factors infl uencing the growth of trade. Noteworthy is the common position of the BRICS countries on global trade policy, their support for the existing rules of the multilateral trading system with the central role of the WTO. The article is devoted to the refl ection and systematization of the peculiarities and identifi cation of the prospects for the development of trade and economic indicators of the BRICS countries. The role of China as a fundamental trading partner of the BRICS countries is determined. The role of bilateral cooperation between the BRICS countries and their role in the development of the integration group is refl ected. The prevailing trade positions in international trade of each of the BRICS countries are considered. The main priorities of the BRICS countries are identified and promising areas, sectors and markets that can form a synergistic eff ect and mutual benefits are reflected. The analysis of the growth rates and GDP growth of the BRICS countries is carried out. The potential, dynamics and commodity structure of mutual trade for the period from 2015 to 2019 is analyzed. Indicators of the level of economic development of the BRICS countries are reflected and compared with developed countries. It was stated that the current economic situation, both throughout the world and in the BRICS countries, negatively aff ects the international and intra-integration fl ows of goods and investments. To overcome negative global economic trends, recommendations have been formulated to improve the tools for market integration of the BRICS countries. and commodity structure of mutual trade for the period from 2015 to 2019 are analyzed.