Experts say the economies of BRICS group of countries-Brazil, Russia, India, China and South Africa will play an increasingly dominant role in global trade. Fabiano Mielniczuk, research coordinator at the BRICS Policy Center said in Abu Dhabi that BRIC nations will be major drivers of the global economy in 2012 . He said the reason is their hybrid nature which has made south-south co-operation possible and empowered them to buy and sell products from and to their southern neighbours. He added that the global economic crisis has intensified south-south trade because it has affected the two most important poles of world trade: the US and Europe. According to United Nations Conference on Trade and Development, from 1996 and 2009, south-south trade grew 50 per cent faster than the north-south trade. The experts were sharing the ideas ahead of a major ports summit in Abu Dhabi. The World Ports and Trade Summit is scheduled from 2nd to 4th April in Abu Dhabi. It will bring together industry experts from various countries to discuss the role of these economies in the wake of developments in the Middle East.
News On AIR | March 13, 2012 8:35 PM
BRICS economies will play dominant role in global trade, say experts