The level of mergers and acquisitions activity between developed and emerging markets is running at near record highs, despite fears that increased protectionism might impinge on cross-border flows of activity, new data suggests.

The level of emerging market inbound M&A, or acquisitions or mergers of emerging market companies led by those in developed economies, stands at $76.3bn, according to Dealogic. This is despite the failure of BP and Rosneft to agree on a share swap and joint-venture deal to explore the Arctic for oil and gas.