The Dynamics of BRICS in Global Economy
Keywords:
BRICS, Africa, Asia, Europe, Latin America, Growing EconomiesAbstract
BRICS countries, which originate from Asia, Africa, Eastern Europe and Latin
America, have emerged as a significant platform for cooperation among rising
markets and the most rapidly growing economies of the World. They are all
members of the G20. They represent 26.46 percent of the global geographical area,
42.5 percent of the global population, 13.24 percent of World Bank voting power,
and 14.91 percent of IMF quota shares. BRICS, as members, are quickly altering
their roles as new actors in international development cooperation. This paper
examines the dynamics of BRICS in international economic relations and analyses
inter-regionalism, assuming that the post-liberalized international order has
embraced new aspects of regionalism, with the notion of "trade generating
geography or space" becoming increasingly important. With the aid of a secondary
data collection instrument, the paper discovers that development cooperation
focuses on the synergetic value of competitive advantage among fast-growing
economies. Economic growth is essential for long-term development, with noninterference
and national sovereignty serving as guiding principles. The BRICS
Countries determine the integration of economic processes within the framework of
financial, investment, and trade collaboration of countries with fast-growing
economies not only allow for the effective use of global competitive advantages,
stimulating the synergetic effect of regional economic growth with the
transformation of the World's geo-economic structure as a whole but also allows for
the effective use of global competitive advantages, stimulating the synergetic effect
of regional economic growth with the transformation of the World's geo-economic
structure as a whole. The paper recommends that issues such as inflation, interest
rate, human capital, technological development and many more factors that impede
the performance of the BRICS should be re-examined and dealt with for more
efficiency and further development.
