BRICS makes a case for globalisation

TRADE ministers of the BRICS (Brazil, Russia, India, China and South Africa) will meet on Tuesday and Wednesday in Shanghai ahead of the group's ninth annual summit of presidents and prime ministers in September. The Shanghai session, which comes amid rising economic and security spats within the bloc, will see China spearhead a drive for greater trade and investment by the five powers.

The BRICS accounted for 23 per cent of global gross domestic product in 2016 - up from 12 per cent a decade ago - yet comparatively smaller totals of world trade (16 per cent) and the stock of global foreign investment (16 per cent). China will discuss measures at the summit for how BRICS could become a bigger player in trade and investment and wants its five powers to help spearhead a campaign for economic globalisation in the face of signs, especially from the Trump administration, of greater protectionism.

This week's forum will not be the first time this year that China will champion the benefits of market liberalisation. For instance, Xi Jinping in January became the first Chinese president to give a speech at the World Economic Forum in Davos, Switzerland warning against any reversion to protectionism.