This week’s meeting of trade ministers from the BRICS group ended in a commitment to rolling back protectionism, but not a formal trade deal. That will leave China free to develop the RCEP trade deal, which also includes India. China’s trade with the BRICS is dominated by a handful of products, with 25 products providing 88% of imports, led by crude oil, soybeans and iron ore. That would suggest there is room to develop a broader deal at a later stage.