Talks between foreign ministers of Brazil, Russia, India, China and South Africa may set the stage for a BRICS-plus group to be formed at a summit in September. This is likely to be a security and geopolitical bloc rather than a trade area. China is already promoting trade via the ‘belt and road’ and RCEP initiatives. Its imports from the other BRICS have increased 8% in the past year, led by a 10% increase in imports. Those are dominated by raw materials – a pattern that probably wouldn’t change with a trade deal. Panjiva analysis shows leading exports including oil from Russia and Braz...