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Module-1
Emerging markets Definitions • An emerging market economy is the economy of a developing nation that is becoming more engaged with global markets as it grows. Countries classified as emerging market economies are those with some, but not all, of the characteristics of a developed market Characteristics of emerging Markets Description of BRICS countries • BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa formed by the 2010 addition of South Africa to the predecessor BRIC • They are countries that some believe will be the dominant suppliers of manufactured goods, services, and raw materials by 2050. • The BRICS countries, from 2009 to 2014, agreed on economic and financial issues, including World Bank and IMF reforms. They agreed to undertake measures of mobilizing sufficient resources so that the IMF can strengthen its potential to combat all kinds of crisis. • BRICS also coordinated together in resolving: • Conflicts • IMF reform • The struggle against illicit drug trafficking • The need, use, and development of technologies in information and communication MIKT as next four Largest Markets • MIKT is an informal consultation and coordination platform among Mexico, Indonesia, Republic of Korea, Türkiye. • MIKT aims to contribute constructive solutions to regional and global challenges as well as enhancing effectiveness of global governance. Therefore, MIKT aims at strengthening its cooperation in order to raise its voice on global issues and gain influence within the international organizations. MIKT countries also work to strengthen their economic and political ties. MIKT as next four Largest Markets (Mexico, Indonesia, South Korea & Turkey) • MIKT is a diverse and cross-regional grouping of powers that brings together Mexico, Indonesia, the Republic of Korea (ROK), Türkiye • MIKTA aims to bridge divides in the multilateral system and build consensus on complex and challenging issues, drawing on the diverse perspectives of its members and their shared interest in an effective, rules-based global order. • Working together, MIKTA countries play a constructive role in international responses to global issues. We share a commitment to open economies, human rights and democracy. And believe maintaining a multilateral system that is fit-for-purpose, effective, open and transparent and accountable to member states can best address the challenges we face. At the same time, each partner is a significant economic power with strategic influence in their region. • MIKT members’ regional standing means we can draw on a range of perspectives to better understand how diverse countries view global issues. MIKTA’s inclusive approach, shared values and priorities strengthens our ability to build consensus and advance the common interests of the international community. ASEAN-CHINA Free Trade Area as a regional emerging market • In 2002, China and ASEAN Countries signed the Framework Agreement on Comprehensive Economic Cooperation which formed the legal basis for the creation of the ASEAN-China Free Trade Area (ACFTA). Under ACFTA are three agreements aiming for free flow of goods, services, and investments.
• ASEAN-China Trade in Goods Agreement. Provides for tariff reduction
and elimination for tariff lines categorised as either ‘normal track’ or ‘sensitive track’. • Full form-Association of Southeast Asian Nations • Agreement on Trade in Services. Aims to liberalise and substantially eliminate discriminatory measures with respect to trade in services among the parties in various service sectors. • Investment Agreement. Seeking to promote and facilitate investment flows within the China and the region, this agreement provides elements that would ensure fair and equitable treatment for investors, non-discriminatory treatment on nationalisation or expropriation, and compensation for losses.
