The six major economies reaffirm their commitment to free trade

Leaders of six of the world’s ten biggest economies have reaffirmed their support for free trade, at two high level meetings held in Asia recently. The countries concerned are Brazil, China, India, Japan, Russia and the UK. In terms of gross domestic product (GDP) measured in purchasing power parity terms, according to International Monetary Fund data and projections for this year, China is the world’s number one economy (the US is number two), India is number three, Japan number four, Russia number six, Brazil number seven and the UK number nine. (In terms of nominal – dollar exchange rate – GDP, China is 2nd, Japan 3rd, UK 5th, India 6th, and Brazil 8th, while Russia is not in the top ten.)