Abstract

BRICS with their outward oriented strategy became the most influential group in international arena. Their economic and political weight which induces the negotiations/discussions with EU, lends the EU a special responsibility for the deeper integration of BRICS. Therefore, the economic impact of EU on the members of BRICS, post 2008 crisis and amidst Brexit declaration is essential to understand and how it affects the trade flows assumes a lot of significance. Against this backdrop, the study attempts to analyse the trade flows and its determinants between EU and BRICS applying gravity model. The estimated results reveal that economic size, market size, distance and the Brexit policy have significant effect on bilateral trade flows between BRICS and EU. BRICS future negotiations with EU as a unified single entity are desirable to expand beyond trade focussing on investments particularly for infrastructure building, technology upgradation and skill development. The study recommends product diversification and digitisation of economies for a smooth and fair trade and to mitigate the risks of present pandemic.

摘要

金砖国家以其外向型战略成为国际舞台上最具影响力的集团。它们的经济和政治影响力引发了与欧盟的谈判/讨论，使欧盟对金砖国家的更深层次一体化负有特殊责任。因此，了解欧盟对金砖国家成员、2008 年后危机和英国退欧声明的经济影响至关重要，了解它如何影响贸易流动具有重要意义。在此背景下，本研究试图应用引力模型分析欧盟与金砖国家之间的贸易流动及其决定因素。估计结果显示，经济规模、市场规模、距离和英国脱欧政策对金砖国家和欧盟之间的双边贸易流动有显着影响。金砖国家未来与欧盟作为一个统一的单一实体进行的谈判希望扩大贸易范围，重点关注投资，特别是基础设施建设、技术升级和技能发展。该研究建议产品多样化和经济数字化，以实现顺畅和公平的贸易，并减轻当前大流行的风险。