Is BRICS Expansion Significant for Global Trade and GDP?

Five members of the BRICS association had invited six other countries, Argentina, Ethiopia, Egypt, Iran, Saudi Arabia and the UAE to join the group from 1 January 2024; four of these accepted the invitation. The paper discusses the critical questions as to whether this expansion will enable the BRICS+ to become a greater contributor to the world GDP and trade, and if the intra-BRICS trade will be more significant than it is now. We expect the share of expanded BRICS in the global GDP to increase by 3%, reaching 28% and the share in the world trade to increase by 5%; the intra-BRICS trade should also rise by 5%. The intra-BRICS trade of the old members has grown considerably over the years. The share of exports by the new members is not large; it increases for some of them and decreases for others, with exports to the older members being much greater than those to the newer members.

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Publication Details

Journal
BRICS Journal of Economics
Published
2024-12-20
DOI
https://doi.org/10.3897/brics-econ.5.e139877
Citations
10
Primary Topic
Global trade and economics
Type
article
Field-Weighted Citation Impact
8.29
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article

Is BRICS Expansion Significant for Global Trade and GDP?

Ayesha Shahid, Sushil Kumar, Manmohan Agarwal
10 citations
BRICS Journal of Economics
Global trade and economics
8.29
article

Is BRICS Expansion Significant for Global Trade and GDP?

Ayesha Shahid, Sushil Kumar, Manmohan Agarwal
article en
10 citations

Abstract

Five members of the BRICS association had invited six other countries, Argentina, Ethiopia, Egypt, Iran, Saudi Arabia and the UAE to join the group from 1 January 2024; four of these accepted the invitation. The paper discusses the critical questions as to whether this expansion will enable the BRICS+ to become a greater contributor to the world GDP and trade, and if the intra-BRICS trade will be more significant than it is now. We expect the share of expanded BRICS in the global GDP to increase by 3%, reaching 28% and the share in the world trade to increase by 5%; the intra-BRICS trade should also rise by 5%. The intra-BRICS trade of the old members has grown considerably over the years. The share of exports by the new members is not large; it increases for some of them and decreases for others, with exports to the older members being much greater than those to the newer members.

BRICS Journal of EconomicsVol. 5(4)
Openalex Percentile: Top 2%
Global trade and economics
8.29
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