... use French and/or Arabic as their official languages. Furthermore, these two states are well positioned and can be effectively included in the logistical network as sea gates to the west and north of Africa, respectively.
Another possible factor for a BRICS expansion could be the size of the economy and the associated “demographic dividend.” [
3
] Many African nations are already showing high growth rates. This trend will be heading up as their population grows and, consequently, as the number of consumers and the capacity of the domestic ...
... expediency of creating a new reserve currency — most recently from the Federation Assembly speaker Valentina Matvienko. While the debate on the possibility of creating such a reserve currency is only starting in Russia and more broadly across the global economy, the implications of such a move on the part of the BRICS could have transformational consequences for the global financial system.
Initially, the proposal to create a new reserve currency based on a basket of currencies of BRICS countries
was formulated
by the Valdai Club back in 2018 — the idea was ...
... modernization for the developing economies reside in greater economic integration, development of human capital and digitalization. For all leading developing economies there is a tremendous scope for higher growth via reducing cross-regional inequality (the BRICS economies exhibit some of the highest levels of cross-regional inequality in the world), boosting housing development as well as more broadly the services and the consumer sectors of the economy.
Another driver for elevating growth in developing economies could be a re-direction of their investment flows away from the advanced economies towards investing more of their reserves in the Global South. In effect this course of events would ...
... mechanisms needed to de-risk Intra-BRICS trade and overcome the identified barriers are outlined.
Background to Challenge
Andrey Kortunov:
Russia Moves East, India West, Straining Ties
The 2017 BRICS New Development Bank’s strategy report
The Role Of BRICS In The World Economy & International Development
detailed a long-term vision of the direction BRICS countries’ economic cooperation was headed in. The strategy report made the case that reforms in the existing western institutions would not be in BRICS countries' ...
... the BRICS the focus this year is likely to accord more weight to exploring the pathways to strengthening the multilateral layers of global governance. In order to aspire to have a global impact on the evolving global governance construct of the world economy the BRICS need to form an effective platform for extending their economic cooperation to the Global South. Such a platform may be based on the BRICS-plus initiative launched by China, with the aggregation of regional integration blocks from the developing ...
... the start of its operation in 2015, 42 investment projects worth over USD 11 billion have been approved.
The work to strengthen the BRICS Contingent Reserve Arrangement (CRA) is ongoing. Its total capital of USD 100 billion is to be a guarantor of the BRICS financial stability in case of crisis.
We appreciate the efforts of the Brazilian Chairmanship to implement five-party initiatives in economy, science, innovations and health. We take a positive note of the systematically increased density of humanitarian exchanges – cooperation in the areas of culture, education, sport and youth policy is gaining momentum and people-to-people contacts ...
In the past several weeks ahead of the BRICS summit in Brazil a number of initiatives were unveiled by representatives of the BRICS economies. One of the more significant discussions centered on the expansion in the membership of the New Development Bank (NDB). According to the Deputy Finance ...
... the agenda put forth by Brazil during its year of presidency in the BRICS might not seem too ambitious, there do appear to be important priorities accorded by the Brazilian side to issues of economic cooperation in the sphere of innovation and digital economy development. With important innovations of the past several years such as the BRICS+ and outreach exercises unlikely to be actively pursued this year, Brazil will likely seek to show more results in the economic and security areas to mark its contribution to developing and furthering the BRICS policy agenda.
For India's External ...
... Brazilians have a different situation with regards to the rule of law. And the South Africans have their own problems right now. It is problematic when it comes to legal harmonization. When it comes to harmonization around political idioms, along political economy, along economic inversions, it is much easier. Rather than going into too much of the negative aspects of BRICS, focus on what BRICS has been able to accomplish: the BRICS bank, providing loans based on different parameters as compared to the World Bank and the IMF. There is green lending, for instance, which is conscious of ecology. There is lending that ...
... of macroeconomic stability. The attainment of a more coordinated framework in the relations between developed and developing economy integration platforms is unlikely to exhibit breakthroughs without more active steps on the part of the Global South towards ... ... connectivity with the developed economies have to do with the SCO+ framework (for building cooperation with the EU in Eurasia) and the BRICS+ framework (for engendering greater cooperation from the developed world at the global level).
In the end, sustainable globalization ...
