||Economic & Market Considerations: The Rise of the BRICs
The World Trade Organization's (WTO) suspension of the Doha Trade Round in July 2006 caused recriminations on both sides of the Atlantic. The EU and the US, however, were not divided over the usual panoply of transatlantic trade issues – aircraft subsidies, steel tariffs and bananas. Nor were they divided over what was supposed to be the key issue of the Doha round – correcting trade imbalances with least developed countries in order to aid in their development. Rather, the EU and US found themselves at loggerheads over how best to address the demands of the fastest growing developing economies – Brazil, Russia, India and China, known collectively as the BRICs. This disagreement has vast implications for the multilateral trading system, transatlantic relations and the global balance of power.
- Background: The Potential Rise of the BRICs
- Projected Impacts on the EU and US
- Divergent Policy Responses
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