Leveraging BRICS in times of economic uncertainty

Increased investment and support across BRICS can be an incisive way to leverage the BRICS and serve as a counterpoint to Bretton Woods orthodoxy

Since its inception, the BRICS countries’ collaboration has proven resilient and productive. For the BRICS countries to strengthen their partnership, overcome these uncertain times, and consider the ongoing and increasing institutionalisation that still requires more robust implementation, it is essential to encourage investment and investment facilitation within the group and across other regions. It is also prudent to encourage and support the increase in countries aspiring to engage with the BRICS members in various ways.

The five BRICS countries have been actively contributing to global economic development. They have a combined population of 3.22 billion people, which is over 40 percent of the world population, 26 percent of the planet’s land mass across four continents, 25 percent of global gross domestic product (GDP), and 20 percent of world trade. Through its partnership and collaboration since its inception, BRICS has generated a significant impact on global governance, economic development, and efforts to democratise international relations, and continues to make impressive steps in developing and broadening cooperation, as attested by various developing and emerging markets that have shown interest in engaging with the BRICS group. However, each member has a unique domestic context; thus, they must effectively collaborate to overcome obstacles and shared challenges. BRICS need to work together more than before and promote high-quality partnerships.

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