BRICS, which boasts 23 percent of the world’s economy and 50 percent of the contribution to global growth, should look within itself to tap the full potential of intra-BRICS trade, urged Chinese experts.

“The potential has yet to be fully tapped. Trade with the U.S. or Europe cannot be compared to intra-BRICS trade, even though all five member countries boast huge populations and complementary economies,” said Huang Ping, head of the Institute of European Studies under the Chinese Academy of Social Sciences (CASS), at a seminar on Monday in Beijing ahead of the 9th BRICS Summit to be held from Sept. 3-5 in Xiamen, eastern China's Fujian.

In 2016, China-U.S. trade volume topped $500 billion, while the trade volume between China and Russia only saw $69.5 billion and that between China and India was $70.7 billion. The figure was even lower between China and other members.

The lower trade volume could be the result of distance and language barriers, Huang explained, pointing out the lack of understanding of Brazilian laws in Portuguese as an example.

“India, as our neighbor and the largest country in South Asia, will be a young power by 2030, when China would face the risk of an aging society. India could see a more open economy and higher foreign trade volume,” Huang noted.

China is not a hegemonic power in BRICS, stressed Ding Kuisong, secretary-general of the China International Culture Exchange Center (CICEC). “In spite of a slower economy, India is still growing rapidly and its economic liberalization efforts and regional cooperation with developed countries will keep the trend moving forward. Through BRICS, not only can the five members strengthen their cooperation, but India is also expecting the mechanism to further boost its economy,” Ding noted.

Ding added that the upcoming summit may see a more pragmatic approach to promote economic cooperation, especially with regard to the Belt and Road Initiative.

Hosted by the National Institute for Global Strategy (NIGS) under CASS, the Social Sciences Academic Press, and CICEC, the seminar also unveiled a series of books on BRICS written by Chinese and international scholars.