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Enhancing Global Economic Progress with the Brics Alliance
Larionova and Shelepov’s research, titled “Brics, G20, and global economic governance reform” and published in the International Political Science Review (2021), highlights the influential role of the Brics association, which includes Brazil, Russia, India, China, and South Africa, in reforming global economic governance
Monday, February 26, 2024

By Manuel Freire-Garabal y Núnez

Larionova and Shelepov’s research, titled “Brics, G20, and global economic governance reform” and published in the International Political Science Review (2021), highlights the influential role of the Brics association, which includes Brazil, Russia, India, China, and South Africa, in reforming global economic governance.

The member nations have actively engaged in fostering economic growth and development through diverse programmes and collaborations. India has played a key role in promoting economic cooperation among the member countries of Brics, which has contributed to the overall economic development of these nations. This is discussed by Singh in his article “The role of India towards economic growth and development of Brics member countries” published in the Asian Journal of Education and Social Studies (2023).

In their article titled “Brics and global restructuring: notes for the near future” published in the Management and Economics Research Journal (2020), Vlados & Chatzinikolaou argue that the Brics association is strongly connected to global economic restructuring and the advancement of global economic development.

The positive impact of foreign direct investment on economic growth in Brics countries has been clearly demonstrated, as highlighted in Tsaurai’s research article titled “Foreign direct investment-growth nexus in Brics: how relevant are the absorption capacities?” published in the Scientific Annals of Economics and Business (2023).

In their publication titled “Introduction: the Brics, global governance, and challenges for south-south cooperation in a post-western World” in the International Political Science Review (2021), Duggan et al. discuss the economic development of the Brics countries. They highlight that there are divergent trends among the member nations. China has sustained substantial economic growth, whilst Brazil has had economic difficulties.

According to Stuenkel’s article “The financial crisis, contested legitimacy, and the genesis of intra-Brics cooperation” published in Global Governance, a Review of Multilateralism and International Organisations (2013), the financial crisis in 2008 resulted in exceptional collaboration among emerging powers in the Brics group. This collaboration emphasised the role of the association in tackling global economic difficulties.

In Thompson’s article “Alternative south–south development collaboration? the role of China in the coega special economic zone in South Africa” published in Public Administration and Development (2019), it is noted that the Brics countries have participated in development collaboration, specifically through the establishment of special economic zones. These zones have facilitated the expansion of trade and investment, particularly by China, into Africa via South Africa.

According to Uma’s article “Diversity in unity: a face off with health sector of Brics nations” published in the Journal of Business Management and Information Systems (2021), the unity and diversity within the Brics association can be explained by the shared level of economic development and the process of economic transformation among its member countries.

In their publication “After the Paris Agreement: what role for the Brics in global climate governance?” (2018), Downie & Williams argue that the Brics countries have been encouraged to participate in discussions regarding climate issues and facilitate collaboration in climate finance, in line with the global governance agenda.

Bazarkina and Pashentsev’s article “Brics strategic communication: the present and the future” published in Russia in Global Affairs (2021) highlights that the strategic communication of Brics focuses on promoting economic alternatives and creating opportunities for developing countries to participate in global economic activities.

In their article “Testing the club dynamics of the Brics: the new development bank from conception to establishment” published in the International Organisations Research Journal (2015), Cooper & Farooq examine the uneven economic growth among the Brics members. This study highlights the complexities and challenges faced by the association in promoting economic development.

In the article “Health and development in Brics countries” published in Saúde E Sociedade (2014), Buss et al. suggest that despite the potential for ongoing economic expansion, it is advisable for the Brics countries to collaborate in the health sector to strengthen sustainable development.

In their publication titled “A review of the nexus between energy consumption and economic growth in the Brics countries” in the International Journal of Energy Economics and Policy (2021), Khobai et al. examine the relationship between energy consumption and economic growth in the Brics countries. They find evidence of a long-term relationship between economic growth, energy consumption, employment, and trade openness in these countries.

The Brics association has played a crucial role in collective financial diplomacy, which signifies the ongoing change in global power and the establishment of an exclusive and unofficial group to tackle economic difficulties, as described by Roberts et al. in their article “The Brics and collective financial statecraft” (2017).

The recent Brics summit in South Africa has highlighted the potential for a development bank that could strengthen economic relations between the member countries and smaller developing nations, as outlined in Luckhurst’s research paper titled “Building cooperation between the Brics and leading industrialised states” published in Latin American Policy (2013).

Nevertheless, Hopewell’s definition of “The Brics—merely a fable?” The article “Emerging Power Alliances in Global Trade Governance” published in International Affairs (2017) discusses concerns over the effectiveness of the Brics in global trade governance, given the slowing growth in certain member nations.

Ultimately, the Brics alliance has exerted a substantial influence in fostering economic progress through diverse endeavours, partnerships, and strategic discourse. Despite encountering obstacles like as unequal economic growth and various internal and external institutionalisation, the Brics countries persist in collaborating to strengthen sustainable development and tackle global economic difficulties.

H.E. Prof. Sir Manuel Freire-Garabal y Núñez is a lawyer and journalist. He is a professor, contributor and advisor at different universities, particularly at the IVY League. He serves in diplomacy as advisor to United Nations higher officials and as a member of the diplomatic staff of several governments.

Times of India

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