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BRICS+

Selected e-articles

Abstract: This article explores the Association of Southeast Asian Nations (ASEAN) initiatives, such as the ASEAN Free Trade Area, the ASEAN Economic Community, the ASEAN Comprehensive Investment Agreement, the ASEAN Trade in Goods Agreement and the Regional Comprehensive Economic Partnership, as well as Brazil, Russia, India, China and South Africa (BRICS) initiatives, including the New Development Bank, the Contingent Reserve Arrangement, the BRICS Business Council and the proposed BRICS payment system. The study seeks to answer three key questions: If BRICS adopts similar mechanisms and initiatives to those of ASEAN, would it become more relevant or attractive for ASEAN member states? Given that ASEAN was formed in 1967 and has taken nearly 50 years to develop its current mechanisms, structure and non-interference principle, can BRICS learn from this model to enhance its own regional cooperation and integration more effectively? What are the potential economic impacts and strategic considerations for ASEAN if more ASEAN member states join BRICS? The article concludes that while BRICS offers significant benefits and could potentially overshadow ASEAN, it is imperative for ASEAN to innovate and improve its mechanisms to remain relevant in the evolving geopolitical landscape.

Abstract: The BRICS + collective (Brazil, Russia, India, China, and South Africa, with the + to denote the expansion in membership) claims to represent Global South (GS) interests. Core among these interests is to ameliorate global structural exchange inequalities through reforms to global governance architectures and encouraging collaboration among members. Reforms and collaborative work aim at improving economic conditions in the GS, which is a long-standing local demand. At the same time, GS regions suffer from rivalries among its constitutive members states. Regional rivalries contribute to worsening economic conditions by discouraging investments, limiting the utilization of regional complementarities, and channeling money towards arms build-up. This article argues that given BRICS + emphasis on fostering economic reforms and members’ interdependence, membership in this collective incentivizes rivals to de-escalate so that they can capture benefits in the service of their national interests. BRICS + members observe the behavior of rivals since it is in the interest of the collective to uphold its credibility and fulfil its promises. De-escalation occurs as states prioritize cooperation over conflict, benefiting from economic opportunities and shared platforms for exchanges and dialogue. The article examines the potential of BRICS + to create conditions conducive to rivalry de-escalation in West Asia and the Maghreb (WAM). The organizational structure of BRICS + as a flexible, Global South-oriented coalition makes it attractive to states with existing tensions, encouraging pragmatic steps toward de-escalation. But BRICS + itself accepts membership based on existing members unanimously accepting potential newcomers; these newcomers are primarily evaluated on the premise of their positive contributions to the goals of the collective and are (apparently) shunned if their membership brings divisions and rivalry to within the collective. We select for our analysis three case studies which vary in their demonstration of the effects of BRICS + membership/promise of membership on the rivalry. The cases offer insights into how the BRICS + collective has utilized the membership process to promote de-escalation—instrumentalizing it as a preliminary condition for joining. Accordingly, the Morocco-Algeria rivalry provides the strongest evidence of BRICS + activism, the Egypt-Ethiopia rivalry yields mixed results, and the Saudi Arabia-Iran rivalry presents the least robust evidence of instrumentalization (relative to other cases). This categorization is based on how strongly each case supports our study’s claims. Curiously, we find that the impact of these processes on security dynamics in the regional order varied – the outcome is reversed. This means that BRICS + succeeded in leveraging membership to de-escalate the Saudi Arabia-Iran rivalry and, to a lesser extent, achieved similar results with Egypt and Ethiopia. In contrast, the Morocco-Algeria rivalry demonstrates the limits to which BRICS + was able to instrumentalize membership as a tool for de-escalation and highlights the subsequent lack of contribution to regional security, which the collective could not achieve despite its potential to do so.

Abstract: Joining the BRICS represents a significant development in the evolving strategy of the United Arab Emirates (UAE) to navigate global economic and geopolitical dynamics. This article explores the motivations and opportunities surrounding the UAE’s accession to BRICS, examining how this membership aligns with its strategic objectives. This study provides a comprehensive understanding of what it can gain from joining BRICS and argues that by leveraging its economic diversification strategy, energy resources, financial infrastructure, and political ambition, the UAE seeks to amplify its global influence and strengthen ties with the Global South’s emerging economies and political powers.

Abstract: BRICS economic integration has effectively facilitated Russia's trade transformation. International payment capabilities played a positive moderating role in this process. Differences in financing channels and capital markets affect Russia's trade transformation. This paper uses data from the BRICS countries to conduct an empirical analysis and finds that the deepening of cooperation among BRICS economies has effectively promoted Russia’s trade transformation. The improvement in international payment capacity has enhanced Russia’s ability to engage in cross-border transactions and strengthened its economic resilience, playing a positive moderating role in Russia’s export restructuring, with a significant increase in the share of high value-added products in exports. Further research reveals that differences in the diversification of financing channels and the maturity of capital markets among the BRICS countries have led to varying degrees of impact of economic integration on Russia’s trade transformation.

Abstract: Over the past two decades, the economic influence of the BRICS countries has continued to grow. While the BRICS group is considered a political alliance and the members face large heterogeneity in development stages, the internal interactions among the BRICS members are ambiguous. Focusing on the sovereign bond markets, this paper conducts empirical research using the SUR model to investigate the inter-dependencies among the BRICS countries. The estimation results reveal the existence of inter-dependencies among the debt market in BRICS countries. Impulse response plots show that Russia-South Africa and India-China are the two country pairs to have mutual influence, with the Russia-South Africa pair being consistent on different time intervals. Among the BRICS countries, China is the only country interacting with other members at different time intervals. These findings suggest the growing internal development of the BRICS group.

Abstract: The rise of BRICS (Brazil, Russia, India, China and South Africa) has significantly shifted the global economic and geopolitical landscape, profoundly impacting agriculture. As these emerging economies grow in power, they are reshaping global agrarian systems through substantial changes in production, trade and policy. This article explores how BRICS nations are influencing global agriculture by investing in agrarian technologies, altering trade patterns and reconfiguring supply chains. It also examines their approaches to food security and sustainability challenges, highlighting how their evolving agricultural strategies are affecting global market dynamics. The article investigates the economic impacts of BRICS on global agriculture, focusing on how these nations’ economic activities influence agricultural markets and systems. It also analyses how technological advancements and innovations within BRICS countries are transforming agricultural practices and productivity. Additionally, the piece looks at shifts in agricultural trade flows involving BRICS nations and their strategies for addressing food security and self-sufficiency. The implications of BRICS’ agricultural practices on environmental sustainability and resource management are considered, along with the socio-economic impacts on rural communities. Finally, it evaluates how the policy and regulatory frameworks adopted by BRICS nations affect the broader global agricultural landscape. By examining these trends, the article provides valuable insights into the opportunities and challenges presented by the BRICS revolution for global food systems, emphasising the need for adaptive strategies in agricultural policies and practices.

Abstract: The concept of soft balancing emerged in 2005 to analyse how states engage in non-military balancing against the United States. By 2025, soft balancing has become extensively discussed in the context of BRICS, which has evolved from a loose grouping of diverse powers into an active, complex and rapidly growing entity. However, scholars remain divided on the nature and drivers of soft balancing within BRICS. How has BRICS developed into a robust soft balancing coalition? This article uses insights from compensatory layering—a process where transformative change occurs through sequential bargains over institutional design—to demonstrate how BRICS builds soft balancing collaborations, selectively institutionalizes some cooperative activities, and expands its scope to include both soft balancing and non-soft balancing elements. It clarifies balancing and non-balancing behaviours within BRICS, providing new insights into soft balancing in contemporary power dynamics. The study shows how states centre their cooperation around a specific informal institution, enabling effective soft balancing outcomes.

Abstract: Digital development in BRICS nations significantly enhances bilateral trade with China through reduced transaction costs and improved efficiency. Institutional distance positively moderates digital trade effects, challenging traditional views of institutional barriers. Countries with better digital infrastructure show stronger positive effects on bilateral trade despite lower economic development. Digital platforms and payment systems reduce information asymmetry and facilitate seamless cross-border transactions. Digital transformation strengthens supply chain integration and resource allocation between BRICS nations and China. The rise of digital technologies has transformed the dynamics of international trade, but their impact on emerging market coalitions has not been studied. Although previous research has explored digital development and institutional factors separately, little is known about their combined effect on trade relationships within the BRICS framework, particularly bilateral exchanges with China. This study employs transaction cost theory to analyze how digital advancement shapes trade patterns between the BRICS nations and China, while also investigating the moderating role of institutional distance. Using panel data from 2000 to 2022 and a two-way fixed-effects model, we find that digital development significantly enhances bilateral trade volumes, with institutional differences unexpectedly acting as positive moderators rather than barriers. The effects are especially pronounced in countries with advanced digital infrastructure but lower levels of economic development. These findings advance our understanding of digital transformation in international trade and offer strategic insights for strengthening economic cooperation among emerging markets in an increasingly digital global economy.

Abstract: With the rapid growth of the BRICS countries, their currencies have attracted wide attention. This study examines the dynamic connectedness of BRICS currencies and identifies the drivers of currency connectedness using a time-varying vector autoregressive (VAR) approach and a modified dynamic model averaging method. Our results indicate that dramatic changes in the currencies' total and net connectedness are related to influential economic, financial, and political events. ZAR is a consistent net transmitter, INR and CNY are consistent net recipients, whereas BRL and RUB switched roles frequently. The risk and uncertainty indices, especially the VIX and SKEW, were the most pronounced drivers affecting the total and net connectedness among the selected drivers. The remaining factors (i.e. commodity prices, asset markets, and leading global currencies) generally had limited effects but played important roles in certain influential events.

Abstract: In the pursuit of sustainable development, the escalating challenges of global environmental pollution and the imperative to mitigate energy intensity stand as paramount concerns. As a result, this study aims to construct a comprehensive framework that acknowledges the interplay between energy intensity, the stringency of environmental policies, and the integration of renewable energy within BRICS nations. Utilizing a panel dataset covering the years 1991-2021, this study employs a range of econometric methods such as cross-sectional dependence tests, second-generation unit root tests, and panel co-integration analysis. The results reveal the pivotal roles of energy intensity, the integration of renewable energy sources, and the enforcement of stringent environmental policies in mitigating carbon emissions. Additional analysis indicates that the impact of energy intensity in lowering carbon emissions is strengthened when institutional quality and research and development capabilities reach a certain threshold, thereby offsetting the impact of openness. In accordance, the present study suggests adopting a versatile and inclusive policy approach to effectively decrease carbon emissions, providing insights for policymakers in crafting climate change mitigation strategies and fostering sustainable development.

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