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Bric Countries Trade Agreement

However, I think this is an arbitrary assessment of the potential global influence of the BRICS trade agreement. We can expect an increase in trade between the BRICS and perhaps a decline in trade between the BRICS and the West, but there is absolutely no way for trade to shrink completely if there are still comparative advantages. The first formal summit of the BRIC group, also held in Yekaterinburg, began on 16 June 2009 with Luiz Inécio Lula da Silva, Dmitry Medvedev, Manmohan Singh and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all present. [15] The summit focused on improving the global economic situation and reforming financial institutions and discussed how the four countries could better cooperate in the future. [14] [15] Discussions continued on how developing countries, such as. B 3/4 of the members of the BRICs, could become more involved in world affairs. [15] FORUM BRICS, an independent international organization promoting trade, political and cultural cooperation between the BRICS, was established in 2011. [24] In June 2012, the BRICS committed $75 billion to strengthen the lending power of the International Monetary Fund (IMF). However, this credit was conditioned by the vote on IMF reforms. [25] At the end of March 2013, at the fifth BRICS summit in Durban, South Africa, member states agreed on the creation of a global financial institution to compete with the Western-dominated IMF and the World Bank. [26] At the end of the summit, the BRICS indicated that it wanted to conclude the agreements for this new development bank by 2014. [27] However, disputes over load allocation and location have slowed down agreements.

In September 2009, Goldman Sachs released its 188th global economic document entitled «A United Korea?», which detailed the potential economic power of a United Korea that will surpass all current G7 countries, with the exception of the United States and Japan, within 30 to 40 years of reunification, and estimates that GDP will exceed $6 trillion by 2050. [63] The North`s young and skilled workforce and large amount of natural resources, combined with advanced technology, infrastructure and large amounts of capital in the South, as well as Korea`s strategic position linking three economic powers, are likely to create an economy larger than most of the G7. According to some opinions, a reunified Korea could take place before 2050[63], or even between 2010 and 2020. [64] If this were the case, Korean reunification would immediately increase the country`s population to more than 70 million. [65] It is similar to the European Union and NAFTA, which aim to reduce or completely eliminate import and export duties in order to promote the free movement of goods through border countries. The main driver between the creation of trade agreements is the economic model of comparative advantages, which says: the ability of an individual or group to carry out a specific economic activity (. B, for example, the production of a particular product) more efficiently than another activity. A Goldman Sachs document published in December 2005 explained why Mexico had not been admitted to the original BRICs. [25] The Economist publishes an annual table of national socio-economic statistics in its Pocket World in Figures. [Citation required] Extrapolating the overall rankings of their 2008 edition for BRIC countries and economies according to different categories provides an interesting touchstone in terms of the economic basis of the BRIC thesis.

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