BRIC trade helps stabilize economies during crisis
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Trade between Brazil, Russia, India and China, collectively known as BRIC countries, helped to stabilize the four nations' economies amid the international financial crisis in 2009, scholars said at a seminar in Brasilia Wednesday.
The scholars said trade among the four nations continued to grow even as global trade was shrinking in volume.
"There is no mistake to say that BRIC countries have put the crisis behind them," said Dr. Biswat Dhar of the India-based Research and Investigation Center. "The growth of trade was maintained despite the crisis. Now we need more export synergies to increase trade engagement," he said.
Some participating scholars said trade among BRIC nations had grown faster than in similar downturn periods in history.
During the nine years ending 2008, trade within the four nations grew nine fold, while global trade only doubled, said Zhang Yuyang, professor of international economics at the Chinese Academy of Social Sciences.
"Even so, trade between the BRICs has substantial room to develop," Zhang said.
The term BRIC was coined in 2001 by Jim O'Neil, chief economist of U.S. investment bank Goldman Sachs. He predicted that the four nations would constitute a dominant force in the world economy by 2050.
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