Enlarged BRICS can cement supply chains

Editor's note: BRICS has become a leading cooperation platform which aims to safeguard the interests of emerging economies and developing countries, and help the Global South build a fairer and equitable global financial system. Three experts share their views on the issue with China Daily.

One of the policy tools to deal with the so-called middle-income trap has been the deepening of trade and economic relations with other countries, mainly neighboring countries. Production processes that can be divided into different stages to take place in different countries have become natural candidates to form value chains.

Experience shows that the access to goods produced at lower costs — be it because of relatively cheap labor, more abundant raw materials or other determining factors — helps foster competitiveness and, hence, is considered a source of gain in international trade.