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Shared Growth of Foreign Trade of the Brics Countries

  • Yao Ouyang
  • Xianzhong Yi
  • Lingxiao Tang
Chapter

Abstract

On April 14, 2011, the Sanya Declaration issued at the Third Brics Summit established an all-dimensional Brics cooperation mechanism featuring inclusive development as the orientation and focusing on economic and trade cooperation, becoming a new model for global economic cooperation. Within the G20 framework, this new model of cooperation among the Brics countries is also an important practice to change the international economic system dominated by a small number of developed countries (G7) and blaze a new path of “South-South Cooperation”. Inclusive development is the essence and innovation of brics cooperation mechanism, and its core is benefit sharing. Based on common interest demands and highly complementary economic structures, the Brics countries have been actively engaged in practical cooperation at multiple levels and in various fields, with a growing momentum of share-based cooperation. During 2001–2011, the trade volume among the five Brics countries increased by 18.3 times, reaching over 280 billion USD in 2011.

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Yao Ouyang
    • 1
  • Xianzhong Yi
    • 2
  • Lingxiao Tang
    • 3
  1. 1.ChangshaChina
  2. 2.ChangshaChina
  3. 3.ChangshaChina

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