Primer
The part- 1 of this series saw the introduction to BRICS and its intentions with the sharpened attention on the BRICS Summit 2023 which took place in Aug 2023 in Johannesburg, South Africa. In this part 2, I am planning to center my attention on the trade policies, benefits, and contribution to global economy through comparison of BRICS with G7 and EU
G7
The Group of Seven (G7, which was altered as G8, with the inclusion of Russia, in 1998, but became G7 again after Russia was taken out from in 2014, as a penalty for invading Crimea) formed in 1975, (originated in 1973), was the leader of world economy, making decisions on many transnational economic and political problems faced by the world. With the presence of powerful industrialized democracies such as United States, United Kingdom and Germany, leading the orchestration, while countries such as Canada, France, Italy and Japan, providing the second fiddle, G7 had an immensely strong hold on the economic governance of the world on innumerable issues such as economic growth, trade investments and the associated risks, political coercion through economic sanctions, or coordination to prevent the development of cutting edge technologies which prevents international peace and security. But with the rise of alternatives such as EU, G10, G20, the existence of G7 is being…
