Trade Agreements Between Brics Countries

Eawu is a Moscow-spin-off initiative, comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, and is located on territories ranging from the borders of the European Union to the borders of China. It has a population of 390 million and a GDP of $1.9 trillion. Intra-EAWU trade has increased by 30% per year. The EAWU is a free trade bloc, a structure that China has not developed as part of its own free trade agenda. Although the proposed pan-European RCEP agreement is considered Chinese by some parties, it is imprecise – it was first proposed by ASEAN and widely supported by Japan. When it comes to free trade, China has instead focused on bilateral free trade agreements, in addition to launching the Belt & Road Initiative – although it is not a free trade area – or the BRICS. The BRICS must conclude some sort of free trade agreement that becomes more urgent as long as member states have agreed on the need to “boost economic growth.” South Africa Is a member of the African Continental Free Trade Agreement (AfCFTA) which, over the next five years, will reduce intra-border taxes to zero on 90% of all products traded in Africa. It is also a member of the South African Customs Union (SACU), which also offers free trade between its member states such as Botswana, Lesotho, Namibia and eSwatini, and the South African Development Community (SADC), which includes, in addition to Madagascar, Mauritius, Mozambique, Tanzania, Zambia and Zimbabwe, free trade among SACU members. It has also concluded a partial free trade agreement with Mercusor on SACU and the European Union. South Africa has also signed a large number of DBA, including all other BRICS members alongside EAWU member Belarus. .