BRICS bloc

27 March 2013 By Martin Hutchinson

Brazil and China will use their own currencies for trade and the five nations are still working on creating a rival to the World Bank. With nearly half the world’s population and 15 pct of its trade – and despite flawed policies – the group is a useful counterweight.

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The fifth BRICS economic summit between Brazil, Russia, India, China and South Africa was held in Durban, South Africa on March 26 and 27.
China and Brazil on March 26 agreed to trade in their own currencies for the equivalent of up to $30 billion of their current $75 billion in annual bilateral trade.
According to United Nations figures, the BRICS economies accounted for $3.5 trillion of goods and services exports in 2011, 16 percent of a world total of $22.4 trillion. They accounted for $3.3 trillion of goods and services imports, 15 percent of a world total of $21.9 trillion.

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