The seven major emerging economies should fight against protectionism and further liberalize their economies and trade policy, dpa quoted the Organisation for Economic Cooperation and Development (OECD) as saying in a report released today. Brazil, Russia, India, Indonesia, China and South Africa - known collectively as the BRIICS - have reduced many barriers to trade in the last two decades but, the report said, still have more work to do on the "second generation" of reforms, including reducing import tariffs. The more liberalized parts of these countries' economies have been the best performing sectors, the organization said, and countries with the most open markets "have performed best." Taking steps to further open their economies would help them emerge stronger from the global economic crisis. The BRIICS would gain more from multilateral free trade, the OECD said, than other trade agreements.
