Trade Ties That Cut Out the West

Reuters reports on the annual meeting of the BRICS, which will be held on Hainan Island this week:

If is the mortar holding together the — Brazil, , India, China and the newcomer, South Africa — the omens would appear for the grouping, which will hold its annual summit meeting Thursday on the southern Chinese island of Hainan.

To its detractors, BRICS is an artificial construct — an example of life imitating not art but Goldman Sachs, which coined the acronym BRIC in 2001 for four fast-growing, politically diverse countries that it believed were reshaping the global economy.

A more optimistic view holds that the explosion in south-south trade, which leapt to 17 percent of the global total in from 7 percent in 1990, has a long way to run.

Moreover, some experts say the BRICS caucus has already shown its worth as a counterweight to the in global talks on trade and change and, within the Group of 20 leading economies, on how to redistribute power in international financial institutions.

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