Status and Prospects of International Cooperation within the Framework of BRICS+

Jingcheng Li ()

Administrative Consulting, 2020, issue 3

Abstract: Relations with international multilateral institutions and regional organizations are an important issue affecting the prospects for the development of the BRICS cooperation mechanism (a group of countries from Brazil, Russia, India, China and South Africa). Many large international organizations (economic groups / blocs) have more experience in establishing international cooperation, paying particular attention to relations with other multilateral institutions. Based on the application of this interactional format, international organizations integrate their results and decisions into global governance and the financial and economic system of the whole world.Such an approach can enhance international influence and recognition; increase the effectiveness of cooperation between member states of an organization. And as a platform for cooperation between developing countries, BRICS is an open international organization. There is currently no permanent establishment in BRICS (for example, an administrative apparatus or a functioning secretariat) for overall coordination. As expected, the space for expanding the powers and capabilities of the BRICS is quite large.Today, BRICS has created fundamental platforms for cooperation and dialogue — summit of BRICS leaders, permanent ministerial meetings, Business Forum, Business Council, BRICS Think Tank meeting, New Development Bank, BRICS Contingent Reserve Arrangement, and the “BRICS+†. The “BRICS+†is considered one of the key ways to expand the international participation of the BRICS. Under the auspices of the “BRICS+†, leaders of countries and organizations of the region where the summit is held are invited to participate in the BRICS summit. This article discusses the theoretical foundations and practical significance of the efforts of the BRICS countries to expand the international influence of the organization through the development of “BRICS+†, “BRICS- Outreach†within the framework of creating an open platform for discussing the current international agenda and issues of regional socio-economic development, as well as for wider international recognition and prospects for the implementation of BRICS projects.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:acf:journl:y:2020:id:1368

DOI: 10.22394/1726-1139-2020-3-110-120

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