Academic and policy research on EMEs have also mushroomed, focusing particularly upon the monetary, financial and regulatory policies and the issues relating to trade, financial integration and liberalisation of capital accounts. The EMEs represent the fast-growing group of countries and their share in world output is increasing.
They are geographically spread across the world encompassing diverse cultures – Asia, Middle East, Europe, Africa and Latin America. On account of increasing trade flows, intra-EMEs as well as with the rest of the world, they play a critical role in determining the course of bilateral, regional and multilateral trade policies and developments.