chapter  9
14 Pages

Construction of free trade zones in the BRICS countries

WithXu Xiujun

The difference in foreign trade zone (FTZ) development strategy indicates that the Brazil, Russia, India, China and South Africa (BRICS) countries have varied functional positioning and cognition of FTZ, and different demand for interests. Viewing FTZ construction as an important way to enhance their economic strength and international influence, the BRICS countries have formulated FTZ development strategies based on their actual conditions. The BRICS countries actively pursue their respective economic and trade interests and attempt to achieve a balance of interests by seeking common interests and resolving conflicts of interest. Accelerating the implementation of FTZ strategies is an objective requirement for the BRICS countries to adapt to the new trends of economic globalization, and also an inevitable choice for them to make structural adjustments of their domestic economy and construct a new open-ended regional economic system. FTZs may also be established to expand economic and trade cooperation among the five countries as an integrated market of win-win cooperation.