The influence of India and China is increasing in global trade. This is increasing the importance of BRICS group instead of G-7 countries. G-7 countries include countries like America, Japan, Germany. This has been said in a recent report of EY India.
According to the report, India and China have played the main role in this change. It says that the share of BRICS Plus group in global trade has increased. In the year 2000, the share of exports of BRICS countries was only 10.7 percent. This share increased to 23.3 percent in 2023. At the same time, the share of G-7 countries decreased from 45.1 percent to 28.9 percent in the same period.
It says that by 2026, the exports of BRICS Plus group can be more than G-7 group, if new countries are included in it. D.K., Chief Policy Advisor, EY India. According to Srivastava, the growing participation of BRICS Plus in exports is strengthening its influence in global trade. China is the biggest contributor to this change, where its share in BRICS Plus exports has increased from 36.1 percent in 2000 to 62.5 percent in 2023. India has also contributed 7.9 percent to BRICS Plus exports in 2023.
