BRICS: the Global South Responds to New Challenges (In the Context of China's BRICS Chairmanship)

14 Pages Posted: 23 Dec 2022

See all articles by Ekaterina Arapova

Ekaterina Arapova

Moscow State Institute of International Relations (MGIMO)

Yaroslav Lissovolik

Valdai Discussion Club

Date Written: July 13, 2022

Abstract

Topping the agenda of the 2017 BRICS Summit was Chinese President Xi Jinping’s newly introduced concept of BRICS+ aimed at expanding partnerships within the group of emerging markets and establishing South-South cooperation.

This goal is fully in line with the Group of Five’s strategic priorities. The BRICS countries share a common vision of the principles underlying the international trade and financial regulation system. They call for promoting South-South cooperation, increasing the economic clout of the developing economies and enhancing their ability to shape the agenda of global governance institutions.

This paper is an attempt to assess potential scenarios for implementing the BRICS+ format with account taken of the initiatives that have been implemented at the BRICS summits since 2017. In general, we believe that the BRICS+ “integration of integrations” development scenario will be incredibly beneficial for BRICS and their Global South partners as they press ahead with laying the foundations for a new global governance system.

Keywords: BRICS, BRICS Plus, New Development Bank

JEL Classification: F13, F15

Suggested Citation

Arapova, Ekaterina and Lissovolik, Yaroslav, BRICS: the Global South Responds to New Challenges (In the Context of China's BRICS Chairmanship) (July 13, 2022). Available at SSRN: https://ssrn.com/abstract=4301141 or http://dx.doi.org/10.2139/ssrn.4301141

Ekaterina Arapova (Contact Author)

Moscow State Institute of International Relations (MGIMO)

Yaroslav Lissovolik

Valdai Discussion Club

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