... economies.
If the expansion of BRICS progresses further in the coming years, could it be that BRICS+ emerges as a platform for a new round of globalization in the world economy?
Indeed, despite the challenges and risks, BRICS if expanded to the BRICS+ and BRICS++ formats could attain the scale to serve as an important platform for a revitalized globalization effort. It could work more closely with the G20 as well as with the Bretton Woods institutions such as the IMF and the World Bank in rendering the new the new round of globalization more inclusive and balanced. Regional integration arrangements and their development institutions could also become ...
... platform that offers a range of modalities of economic cooperation? Many experts view the BRICS future evolution through the prism of size – hence the discussions about further expansion in the block including the largest developing countries from the G20. But the inclusion of South Africa as a member BRICS marks a departure from this prioritization of weight and size (there are a number of developing economies that are larger than South Africa in terms of GDP) towards inclusiveness and representation of all of the main regions of the Global South....
... G20 grouping as a full-fledged member and is also a participant of the BRICS+ meetings that in turn are increasingly targeting regional groupings from the Global South. What will be the future course taken by the African Union along the North-South (G20/BRICS) axis and are there prospects for the AU to become a permanent part of the BRICS/BRICS+ decision-making process?
Calls for other regional blocks to join the EU as members of G20 have been voiced years ago[1] and with respect to the African Union ...
... world at large to deliver their tangible contribution to global governance. The words pronounced by the leading economies of the Global South on making a difference globally can now be put to the clearest of tests. India’s role in this three-year BRICS-G20 sequence will be crucial as some of the initiatives that India may launch could then be supported and carried on for several years by Brazil and South Africa.
What could such an undertaking be? Perhaps, it could address the lack of outreach and inclusivity ...
... of the Global Development Initiative as well as the BRICS+ framework has generated great enthusiasm across the Global South, with a rising number of large developing economies (some of which are members of the G20) expressing interest in joining the BRICS grouping. The impact on the G20 from these initiatives is that this international forum becomes more inclusive with respect to the needs and aspirations of developing nations.
There also appear to be second-round effects on the global economy from China's initiatives as they have ...
... aspirations of the West that allow the rest of the G20 members to look for and eventually find those bold and non-standard solutions that will lead to a new, more just and equal world. Perhaps these decisions will be made within the framework of the G20 minus or BRICS plus, but necessarily by countries interested in real cooperation, and not in obtaining unilateral benefits. It is this difficult year when the foundation can be laid for a stable world order without unilateral mandates, and with mutual respect ...
... existing global organizations and networks. These platforms could be created on the basis of existing arrangements and economic blocs — in the case of G20 there could be a case for creating a regional R20 composed of the regional integration blocs where G20 countries are members. Similarly, for the BRICS, a BRICS+ format that brings together regional integration arrangements where BRICS economies are members provides for smaller emerging markets to deliver their contribution to the process of economic integration in the Global South.
Source:
Valdai....
... a protracted play.
When President Yeltsin first submitted an application for Russia’s membership in the G7 back in 1992, there were simply no other alternative associations in the world where Moscow could try to squeeze in. Structures such as the G20, BRICS or SCO did not exist at the time, and Russia’s membership in NATO and the European Union seemed unrealistic even then. Therefore, joining the “Group of Seven” not only pursued situational tasks (access to financial and technical assistance ...
... world’s largest economies, the European Union is a member of G20 as a single body. At the present summit, the European Union was represented by the heads of the European Council and the European Commission, Donald Tusk and Jean-Claude Juncker. Similarly, BRICS countries use G20 to discuss issues of their own.
G20 in Implementing Russia’s Strategic Tasks
Russia’s current strategic priority is to take part in the establishment of the concept of a multipolar world and in elaborating new principles of interaction within ...
... Rakhmangulov, Deputy Director of the Global Government Research Centre at the Higher School of Economics’ International Organisations Research Institute and RIAC expert, and Victoria Panova, PhD in History, and regional director for Russia in the G8/G20/BRICS research group at the University of Toronto.
Do you think it’s possible, given the worsening economic and political situation, especially in the Euro-Atlantic region, that the Group of Twenty summit in Brisbane could mark a breakthrough?
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