In recent years, an increasing number of non-OECD countries have become sizable exporters of manufactures, in which there is now a flourishing two-way trade with OECD countries; it accounts for a large portion of the growth in commerce. The same trend is observed in capital flows, with an ever-larger share of OECD private foreign investment destined for non-member countries. Brazil, China, India, Indonesia, Russia – the ‘Big Five’ (each with a population over 150 million and GDP larger than $100 billion) – are already substantial importers, producers for world markets, hosts to foreign investment and,
more and more, foreign investors themselves. If these and other countries are able to sustain outward-oriented reforms, the non-members of the OECD should play an increasingly prominent role in the globalised economy of the 21st century.