Resisting protectionism and reviving stalled trade reforms would help the major emerging economies build on the progress achieved over the past two decades and emerge from the crisis with their trade performance strengthened, says a new OECD report.
Presenting Globalisation and Emerging Economies: Brazil, Russia, India, Indonesia, China and South Africa, OECD Trade and Agriculture Director Ken Ash said: “Trade protectionism is not the way to tackle the current economic crisis. Openness has served the BRIICS very well and the most open segments of their economies have done the best. All countries - OECD members, BRIICS, and others – should now, more than ever, strive to keep international markets open in order to improve their economic prospects.”
The report shows that Brazil, Russia, India, Indonesia, China and South Africa (BRIICS) have significantly reduced their border protection and have been expanding their exports much faster than the leading developed countries. But a “second generation” of reforms is now needed. Reducing remaining import tariff barriers, reforming domestic regulations that unduly impede trade and further opening up service sectors will enable the BRIICS to emerge stronger from the crisis.
See full Press Release.
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