The European Union and the BRIC Countries: Unilateralism, Bilateralism and Multilateralism
THE EU IN THE GLOBAL POLITICAL ECONOMY, pp. 91-118, Finn. Laursen, ed., PIE Peter Lang, 2009
16 Pages Posted: 8 Oct 2009
Date Written: October 7, 2009
This chapter analyzes the potential of trade partnerships of the European Union (EU) with the so-called BRIC countries. The scope of analysis will be the EU vis-à-vis these countries, using three types of trade liberalization: unilateralism, bilateralism/regionalism, and multilateralism. The chapter argues that the EU’s objective of engaging with the BRIC countries on trade matters is to establish peace, security, and prosperity in the 21st century. Trade creates economic ties and generates more wealth; thus it contributes to peace and security. The chapter also argues that there remains substantial scope for Brazil, China, and India to make further commitments towards greater liberalization within the services sectors and within all modes of supply provided in the General Agreement on Trade in Services. Finally, it is also argued that the attitude of the BRIC countries to multilateralism and responsibility in global economic governance is questionable or unclear. For example, China and Russia are already relatively powerful. India and Brazil, however, want to become more important players, they seem to lean against “traditional” powers (mainly the U.S.), and tend to focus on South-South regionalism.
Keywords: EU, BRIC countries, unilateralism, bilateralism, regionalism, multilateralism
JEL Classification: F02, F13, F14, F15, K33
Suggested Citation: Suggested Citation