Is BRICS a free trade area / free trade agreement ?

Is there a free trade agreement between the BRICS association member countries ? Is BRICS a free trade area ?
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13 Oct 2019 at 07:57 PM
BRICS is the group of five major emerging economies: Brazil, Russia, India, China and South Africa. The member countries cooperate with each other, but until now the BRICS is not a free trade area. There are recommendations to establish free trade zone between them. In some publications, establishment of BRICS free trade area is described as a long term goal.

The BRICS countries are also members of large trading blocs:
  • Brasil - MERCOSUR
  • Russia - Eurasian Economic Union
  • India - AIFTA
  • China - ACFTA
  • South Africa - AfCFTA

So the BRICS members can build their trade relations also through these trading blocs or other associations.
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16 Oct 2019 at 07:47 PM
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