Abstract
The development of industrial cooperation creates fundamental and long-term foundations for BRICS current and future economic partnership. It was reflected in recently adopted Strategy for BRICS Economic Partnership 2025. At the same time, realization of the existing potential of industrial cooperation cannot take place without taking into account the development of new global trends. These trends and respective factors influence companies` business strategies and government regulatory policies significantly. As a result, both traditional factors and novel challenges, such as comprehensive digitalization processes in global economy and trade, technical and technological development of different industries and global value chains, the pressure of trade conflicts resulted in accumulation of protectionism in trade policies and the ongoing crisis associated with the COVID-19 pandemic should be considered thoroughly. In the case of the BRICS countries the existing incentives for the reconfiguration of GVCs and the enhancement of their resilience and reliability can be implemented in the strengthening of trade and industrial ties and the diversification of suppliers and markets through the development of cooperation with the partner countries. To realize these opportunities, it is necessary to ensure favorable regulatory basis both in traditional areas (trade and investment liberalization, convergence in domestic regulation) and in the framework of modern trends that are gaining momentum: increasing cooperation in e-commerce, trade facilitation, developing scientific, technological and innovative cooperation, addressing infrastructural issues in order to reduce transport and logistics costs and expand trade and industrial cooperation..
Published Version
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