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Problems and Prospects of Trade and Economic Cooperation of the BRICS States

Annotation

In article authors considered the priority directions of trade and economic cooperation of the BRICS countries on the basis of the analysis of problems and the prospects of cooperation of the BRICS countries. Legislative also normative legal acts of public authorities of Brazil, the Russian Federation, India, China and the Republic of South Africa, materials of scientific and practical conferences, scientific publications and monographs by the leading scientists-economists, data of services of the state statistics of the countries of BRICS (including Rosstat), materials of the electronic Internet resources, research materials, publications in periodicals formed information basis of a research. The block of BRICS formed at the beginning of this century is one of key actors on the international scene that is caused by the objective reasons – both political, and economic. Integration processes within the block of BRICS happen in the different directions and in different spheres: information security and innovations, culture and health care. Such processes most intensively proceed in the sphere of economy and trade. In spite of the fact that the international trade and economic cooperation within the block of BRICS successfully develops, and further improvement of the corresponding interaction between the states entering into this union determine the directions, the current situation gives the chance to reveal and many shortcomings of this sphere, which demand elimination. The share of trade in services in a trade turnover between the countries is still low, moreover, there are also certain foreign trade barriers which are still not cancelled. Besides, mutual trade between countries-members of BRICS has signs of disproportionality. In the nearest future, after final design of the block of BRICS as stable and dynamically improved trade, the countries entering it will become much more attractive to external investors, and their global competitiveness will significantly increase. It is possible to expect that the block of BRICS will become the largest global association of the most large-scale developing world economy.

Keywords

BRICS, international trade and economic cooperation, international economic integration, trade capacity of the BRICS countries, prospect of trade and economic cooperation

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DOI

10.20310/1819-8813-2019-14-105-88-101

UDC

339.92

Pages

88-101

References

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Section of issue

World economic system

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