Formation Of BRICS Research Articles

Trust Resources and India’s International Policy in the BRICS Format

Trust Resources and India’s International Policy in the BRICS Format

Two Tracks of BRICS Arctic Cooperation

The relevance of the research topic is due to both role and importance of cooperation between the countries of the BRICS Forum aimed at the formation of a new architecture of a multipolar, polycentric world in the framework of the simultaneous deployment of a real war for the Arctic.Aim. The purpose of the study is to study tracks of Arctic cooperation in the BRICS format, the most promising of which are the mineral and touristic-recreational tracks.Tasks. The research objectives are as follows: to consider the existing formats of cooperation in the Arctic; to assess the current state and prospects for interaction between the countries of the BRICS Forum towards the implementation of the “Arctic” agenda; to characterize the promising tracks of the BRICS Arctic cooperation; to formulate proposals for authorities and administrations for improving the effectiveness of BRICS cooperation on promising Arctic tracks.Methods. Methodological basis and research methods are as follows: systematic approach, logical analysis, synthesis; content analysis of open sources of information.Results. The results obtained herein are as follows: the most promising tracks of the BRICS Arctic partnership are the mineral resource and touristic-recreational tracks; Arctic mega-projects require a search for multilateral formats, and partnerships with companies from China and India seem to be the most promising.Conclusions. Main conclusions: it is necessary to carry out a technical and economic analysis of the current state of the mineral resource base of the Russian Federation and to update the component “demanded wealth of subsoil”; in order to develop tourism in remote, sparsely populated regions of Russia with both poorly developed tourist infrastructure and problematic logistics, it is advisable to revise the national project “Tourism and hospitality industry” and to separate the segment “Arctic tourism” into a distinct unit.

Gravity Model Approach: An Empirical Application with Implications for BRICS Countries

This article aims to identify the main determinants of annual export flow among BRICS countries through the estimation of panel data from 1992 to 2018. The estimated results suggest that gross domestic product (GDP) and trade openness among other factors can explain export flow among BRICS countries. The most important finding of the study is that the formation of BRICS has exercised a negative and significant impact on bilateral trade among member countries. This study also found that the intra-industry trade dominates the intra-BRICS trade. Finally, the study found that the geographical distance between countries might be a factor for impeding trade among member countries. Thus, this study highlights the importance of increasing economic cooperation among these countries in terms of developing infrastructure, signing of free trade agreement (FTA) and increasing people-to-people contacts. JEL Codes: F00, F15, C23, F13

Финансовые и экономические условия энергоперехода для национальной экономики

This study reveals the financial conditions and drivers of the energy transition in the world and in Russia. The purpose of the study is to characterize the essence, content and financial conditions of the energy transition for the national economy. The objectives of the article are to study the features of the energy transition models for developed and developing countries; to consider the impact of "sustainable financing" on the energy transition process; to identify the specific financial conditions and risks. It was found that two major concepts of the energy transition have been formed, reflecting the vision of the goals and timing of completion, conditions and financing formats. The analysis of global investments in the energy transition showed high investors’ optimism: the renewable energy sector is the most attractive; the Asia-Pacific region has become the largest region in terms of investment volume; more energy transition financing programs are implemented in the European Union. The author reveals relationship between policies to achieve carbon neutrality and the phenomenon of "sustainable financing" subject to the principles of ESG, which was expressed in the refusal of the world's leading financial institutions to finance any fossil fuel projects, which could lead to higher demands and direct pressure on the energy and oil and gas sector in developing countries. The main financial risks and financial losses that the Russian economy may face in process of energy transition are outlined. Russia, as the largest exporter of hydrocarbons, will have to adapt to the new conditions despite the unprecedented sanctions pressure on the financial system and the withdrawal of major investors from the oil and gas and electric power sectors. First of all, this is cooperation in the BRICS format — both in the energy and in the financing of infrastructure projects, including within the framework of the BRICS New Development Bank activities. State loans, subsidies, grants, tax incentives, etc. may be used as financial measures of state support for the energy transition.

The BRICS Countries’ Bilateral Economic Relations, 2009 to 2019: Between Rhetoric and Reality

After Brazil, Russia, India, and China (BRIC) started meeting in the BRIC countries format, and since 2011 with South Africa in the BRICS format, these countries’ leaders made several pledges for strengthening intra-BRICS economic cooperation. This article examines the degree this is reflected in the increase of Chinese Outward Foreign Direct Investment (COFDI) in the other four BRICS countries, the value of Chinese construction contracts, and bilateral trade between China and Brazil, India, Russia South Africa in 2009 to 2019. Focusing on these aspects contributes to the ongoing debate about the institutionalization of the BRICS political grouping. This article demonstrates that, thus far, despite the various pledges, the intensification of intra-BRICS economic cooperation is very limited. With some exemptions due to mega investment deals, COFDI in the other BRICS partners is still reasonably modest and shows no clear trend of increase over time in both absolute and relative figures. There is no significant increase in total trade, and various imbalances and asymmetries remain. Thus, the reality does not mirror the BRICS rhetoric on the intensification of economic cooperation.

Some Ideas on Pre-Trial Dispute Settlement in BRICS Countries

Objective : This article is aimed at outlining the approaches to the pre-trial (quasi-judicial) dispute settlement and the landmarks in the establishment and development of alternative dispute resolution (ADR) in the BRICS countries in the form of voluntary pre-trial dispute settlement with an emphasis on constructing the system of alternative procedures. The relevance of such a study is determined by its complex nature, giving an understanding of the ADR development vector in the BRICS format, based on relatively new legislation, which was not adequately reflected in scientific books, articles, etc. in the previous period. Thus, the present study fills this gap. Method : Based on analytical reflections on information obtained from sources and literature indicated in the references, the article analyzes the provisions of normative acts and documents of the BRICS countries, creating patterns of ADR development and the potential for its use from the position of legal principles. Having characterized ADR in general, the author successively moves from the approaches of one country to those of another to clarify and outline general ideas in this field based on the foregoing information. Results: The author’s results are presented in a set of legal prescriptions and scientific provisions found in the current legislation with regard to the field of research, including from the perspective of contribution to the further improvement of the ADR concept in the BRICS. Contribution: The theoretical and practical significance of the results is defined by the fact that foreign readers will be provided with up-to-date scientific information on the state of the legislation in the BRICS countries in the field under study, which in practical terms will favor understanding of the gap (or lack thereof) in the achievements obtained by Russian and foreign researchers and practitioners in this sphere in terms of their implications at the level of legislation.

Prescripciones legales sobre la solución de controversias judiciales en los países miembros de BRICS

Este artículo tiene como objetivo esbozar los enfoques para la solución de controversias previas al juicio en el establecimiento y desarrollo de la resolución alternativa de controversias (ADR) en los países BRICS (Brasil, Rusia, India, China y Sudáfrica) en forma de solución voluntaria con énfasis en la construcción de un sistema de procedimientos alternativos. En este contexto, este estudio brinda una comprensión del vector de desarrollo del ADR en el formato de los BRICS, basado en una legislación relativamente nueva, que no ha reflejado adecuadamente en fuentes académicas. A partir de reflexiones analíticas sobre información obtenida de fuentes y literatura señaladas en las referencias, el artículo analiza las disposiciones de los actos y documentos normativos de los países BRICS, creando patrones de desarrollo de ADR y el potencial para su uso desde la posición de principios legales. Los resultados se presentan en un conjunto de prescripciones legales y disposiciones científicas dentro de la legislación vigente respecto al campo de la investigación.

Formation of BRICS and EU’s sanction on Russia yields greater bilateral trade between India and Russia: A structural break analysis

Formation of BRICS and EU’s sanction on Russia yields greater bilateral trade between India and Russia: A structural break analysis

SINO-RUSSIA NEXUS AND NEW COLD WAR IN EURASIA

Cold war between US and Soviet Union ended in 1989 but Cold War between Russia and USA is still there. US-Soviet Cold war was in fact an indirect clash of ideologies, while the New Cold War between US and Russia is an indirect clash of hegemony and influence. USA considers itself the master of the Globe after the end of First Cold War and Russia does not accept the superiority of USA and practise all those Activities, which are mainly punished by super powers. Without the consent of US, Russia is cooperating with rogue states, it makes alliances, and it attacks small countries like Georgia and Ukraine. USA is busy in all those states which were previously part of Soviet Union like Central Asian Countries. This paper states that Cold war has not ended but it has taken a pause and again it has been started between Russia and USA. Glaring examples in this regards are formation of BRICS, SCO, EEC and NATO expansionism in Afghanistan and Iraq and US USSR involvement in Middle East.

Discourse of Inclusion in the Complexity Era: In the BRICS Space

The relevance of the study is explained by the need to comprehend the expansion of the inclusion discourse in the situation of continuing complication of socio-cultural interaction in the BRICS countries. The modern society’s growing need to create an inclusive community, which professes the values of diversity, is associated with the complication of the socio-cultural landscape. The concept of inclusion complexity as a form of thinking that diagnoses and overcomes the devaluation of a person in all possible contexts are presented in the research by the example of the diverse experience of inclusive initiatives’ deployment in the BRICS countries. The authors emphasise that an adequate study of this phenomenon is impossible outside the study of each country’s socio-cultural experience. For optimal results, it was essential to analyse and describe the processes of inclusion formation in the BRICS format in the context of comparing existing approaches. It allowed both to identify the national specifics and to identify the universal mechanisms of inclusion formation as of a modern cultural phenomenon. The authors conceptualize the need to maintain dependencies between different types of social experience in South Africa, which reveals the importance of a comprehensive approach to overcoming existing problems connected with poverty, inequality, gender issues, and existing unemployment. The research describes the experience of implementing the inclusion policy in the sphere of culture and education in Brazil and India. Various aspects of inclusion formation in China are revealed: it is emphasized that the negative attitude towards people with health disorders is due to the socio-cultural context. The problems of financial inclusion are considered in the context of the experience of their solvation in China and India. The authors turn to the diverse experience of implementing inclusive initiatives in Russia, demonstrating the complexity of inclusion formation as a new form of humanistic thinking.

International Relations Theory and the BRICS Phenomenon

This article examines the BRICS phenomenon through the prism of several International Relations theories. Particularly, power transition theory, soft power and peaceful coexistence concepts, the theory of “global regionalism” and status theories are reviewed. Each of them suggests its own theoretical interpretation of the BRICS phenomenon, as well as its own vision of this group’s role in world politics and economy. It is safe to assume that despite limitations of these theories each of them has some explanatory power. Being used together they can be helpful for studying - in an interdisciplinary way - a complex phenomenon, such as the BRICS. A number of modern theories hold that, along with the pursuit of purely material and pragmatic interests, the BRICS countries actively use this integration association to strengthen their positions in the world arena and elevate their international status. It should be noted that the BRICS was rather successful in presenting itself as a new model of world order which is a serious alternative to the existing one dominated by the West. It is based on the principles of cooperation, mutual respect and balance of interests, rather than dictate, discrimination, hierarchy and balance of power. It is too early to ascertain that a principally new type of an international institution was born within the BRICS format. However, there is no doubt that some positive experience has already been accumulated by this forum, and that this grouping has some good prospects for the future. For this reason, it will remain of considerable interest for International Relations theory. Keywords: BRICS, International Relations Theory, alternative world order

Current State and Prospects of Russia – China Trade Development in the BRICS Format

Motivation: The substantiation of the scientific problem and the practical value of the study are determined by the enhanced cooperation of the BRICS countries, in particular the growing weight of Russia and China on the world stage. The main objective of the study: is to analyze the problems of the development of bilateral trade between China and Russia and to provide a statistically proven forecast for this trade for 2019-2020, as well as to develop recommendations for the improvement of bilateral trade relations. Novelty: The author’s statistical model was developed and its testing was presented through confirming the 24-month forecast of bilateral trade between Russia and China. The model involves solving various problems of bilateral trade. Recommendations for improvement of bilateral trade relations are proposed through formation of an investment and innovation model of bilateral trade. Methodology and Methods: The work used the method of forecasting time series, which suggested the use of a model to predict future values based on previously observed values. To evaluate the modern prospects of the trade between the countries, the authors produced a forecast of the goods turnover trend for 2019-2020. The forecast was issued via the software tool Statgraphics Centurion 18. A reasonable model of the 24-month forecast based on the statistical model Random Walk is developed. The adequacy of the proposed forecast model was subjected to statistical tests. To verify the statistical adequacy of the model the relevant tests were done to determine the compliance of the model with the informational criteria ME (Mean Error), MSE (Mean Squared Error), МРЕ (Mean Absolute Error), МРРЕ (Mean Absolute Percentage Error), МРЕ (Mean Percentage Error). However, it should be noted that the forecast was issued in accordance with the trends which had been identified in the preceding periods. Data and empirical analysis: The factors influencing bilateral trade are analyzed, as well as examples of implemented projects of international cooperation between Russia and China are presented. The current dynamics of sales turnover between Russia and China for the period of 2010-2018 with the use of various statistical and analytical methods is studied, and a reasonable model of the 24-month forecast based on the statistical model Random Walk is developed. The adequacy of the proposed forecast model was subjected to statistical tests. The basic hypothesis is suggested for the upward trend based on reference time series. Policy considerations: It can be said with certainty that the level of technological development of BRICS countries will help Russia and China to start building their cooperation in many fields at a completely new level, taking into account their joint experience in overcoming global crises and Western sanctions. International cooperation between Russia and China in the innovation field will help them unite their efforts and achieve significant synergy. Coordination of countries on this issue will help to reduce production costs, cooperation of production, joint research and development, as well as increase bilateral trade turnover.

The G20 and BRICS: Engaging with international institutions for global governance

ABSTRACT The emergence of the G20 and BRICS in response to vulnerabilities and changes in the world economy in the new millennium has generated a range of expectations, reflections and criticisms. The G20, in the wake of the global financial crisis of 2008, sought to manage the crisis, reform the international architecture and devise a new global consensus. The BRICS formation pledged to foster cooperation and coordination between members and to promote international institutional reform. This study explores the modes of engagement of the G20 and BRICS in their dealings with international institutions, testing the assumptions that they can resort to a combination of approaches and that their preferred approach reflects their mission and role in the system of international institutions (IIs). The intensity of engagement by the G20 and BRICS with various IIs in fulfilling their global governance functions confirms their commitment to multilateralism.

Is There Cross-Country Income Convergence Among the BRICS Nations? An Examination

Narrowing the developmental gaps of a relatively poor country with a relatively rich one is one of the priorities to the policymakers of the former. One way to reduce the developmental gaps is making different countries in a group to converge to a single steady-state value. Under this background, this study aims to examine whether the BRICS nations are converging in per capita GDP for the period 1990–2016. Applying the neoclassical methodology of β convergence and σ convergence, the study observes that the countries are not unconditionally β converging but converging in conditional terms with the variables such as foreign direct investment (FDI) flow and working population acting as the deciding factor. Furthermore, the study shows that the countries are converging in σ definition meaning the cross-country dispersion in per capita gross domestic product (GDP) has fallen significantly. Hence, formation of BRICS has made the countries relatively better off compared to pre-BRICS phase. JEL Classification: E01, O4, J21

South Africa’s Inclusion in BRICS: Challenges and Prospects for Development in Africa

The forming of alliances on the international scene has reflected a provisional arrangement in the world economy. Amongst such alliances was the formation of BRICS by the five world economies—Brazil, Russia, India, China, and South Africa into what is commonly known as BRICS. BRICS is considered a joint initiative, aimed at shifting conventional norms in international economic and political cooperation to create a new trans-continental platform for these actors. Each member country in BRICS has, in one way or another, reflected growth either through its economy foreign policy, and developmental pursuit. However, South Africa is portrayed by some researchers as lagging behind, when compared to the other member countries. Hence, this study sought to analyse the potential mediumand long-term implications of South Africa's inclusion in BRICS. The study also aimed to underscore the benefits and risks associated with South Africa's membership in the alliance in the area of development; specifically poverty reduction, foreign policy, trade, and global partnership. The researchers collected secondary data to analytically critique the inclusion of South Africa in the BRICS alliance, its benefits, and shortcomings for development in South Africa, and in Africa as a whole. We argue that as a global player under BRICS, South Africa has opened a new vista of opportunities, including transnational gateways to Brazil, Russia, India, and China, with the attendant inflow of infrastructural and developmental investments, enriching educational exchanges and technology transfers. The article concludes by stressing the need for South Africa and other African countries to formulate policies that will drive meaningful development in their respective countries. The authors recommend that African leaders should come up with innate policies that are Africa-centred, that would incite development internally.

South Africa’s Foreign Policy and the BRICS Formation: Reflections on the Quest for the ‘Right’ Economic-diplomatic Strategy

South Africa’s foreign policy has recently been gravitating away from an appeal to Western powers towards the establishment of new friendships in the Global South, especially with Asia and Latin America. Moreover, the favouring of the Brazil, Russia, India, China and South Africa (BRICS) partnership and a rising tone of anti-Western sentiments have increasingly been evidenced in South Africa’s contemporary foreign policy, which are of major significance to the nature and direction of its economic-diplomatic strategy. Three broad perspectives or main arguments from this article are of special importance: First, most members of BRICS are troubled by slower economic growth, which should be of concern to South Africa’s current foreign policy stand. Second, anti-Western ideological concerns and related presumptions on the part of the South African government that the BRICS formation could potentially assume a counter-hegemonic character vis-à-vis the West are questionable and dubious. Third, South Africa stands to benefit from many networks and opportunities provided by BRICS membership. At the same time, because of its low economic growth, high levels of poverty and lack of employment opportunities, South Africa cannot afford to follow an approach of narrow interest concerning the BRICS formation and to constrain itself in its economic diplomacy. This article argues that the South African government will therefore have to consider the opportunities offered by a more nuanced and pragmatic foreign policy designed on multiple identities.

TRANSREGIONAL PARTNERSHIP OF BRICS IN RUSSIAN STUDIES

This article reviews the literature dealings with the problems of the BRICS, summarized the issues raised by various authors on the main trends in the development of the community and this organization in generally in light of the global economic and political processes. Issues theoretical aspects of further development of the organization as one of the vectors of the global redistribution of the globally weight. This research consistently served all major aspects, related to the functioning of the features of the BRICS as an innovative format of the informal inter-regional cooperation between the countries. So far as the BRIXis a relatively "young"association, its institutionalization is a currently ongoing. This is the primarily due to the economic aspect: the creation of the New Development Bank completes the first stage of the creation BRICS how the formalized association. In contrast to the economic component, around which, most likely, will build further cooperation, political institutionalization seems a distant prospect. At least, included in the Community countries are very different politically and are in completely different conditions in the international political arena. Perhaps in the future the BRICS will move purely in the economic vector. The paradox of this situation lies in the fact that the country's economic data are also very different. Their "weight" in the world economy has a rather significant that carries a precondition for the emergence of some of the dominant structure in the BRICS format. In this aspect, it all depends on future market component of the external and internal environment of each country. Under their influence will be shaped and altered their economies and unexpected moments can occur in a turbulent global economic space. Russian authors studied in detail the characteristics of each of the member countries of BRICS, which allows to mark a significant interest in the national science to the study of inter-regional cooperation in the global political and economic space. At the same time, the study of bibliography dedicated to the problems of the BRICS, cannot be accommodated of the entire volume of literature because there are large numbers of their, so the focus is on the main issues raised by various researchers. Disclosed issues of mutually beneficial cooperation of the participating countries in the format of this organization.

Dynamics of volatility behaviour and transmission: evidences from BRICS countries

The present study investigates various aspects of volatility behaviour of BRIC/BRICS nations in varying time regimes. The study has been divided into three regimes where the first regime represents the pre-formation period, the second regime signifies post-formation period, and the third regime symbolizes post-formation period after the entry of South Africa. CUSUMSQ test has been applied in the study to recognize the structural breaks in the conditional variance on the formation of BRIC and BRICS. The study has employed various GARCH family models, such as GARCH (p,q) model, EGARCH model, GJR GARCH model, PGARCH model and CGARCH model. GARCH (p,q) model has been employed to explore the level of volatility spillover among the nations in different regimes. With the assistance of CGARCH model, the study exhibited the behaviour of conditional variance of BRIC/BRICS nations and discovered the existence of the permanent and transitory components. EGARCH, GJR GARCH model and PGARCH model explored the existence of “low volatility anomaly” for all the nations in all the regimes. The outcomes of the study exhibit little scope of diversification in all the three regimes. The study confirms the impact of global recession on the performance and development of BRICS nations. Hence, the investors can strategize their investment decisions as per the volatility behaviours of respective stock markets and current market situations.

From Power Transition to Economic Integration Theory: A Review of the BRICS Literature

During the last decade, many scientific articles have been published in political science about the formation of BRICS and the therewith related possible change of the international order.However, this topic has attracted much less attention in the economics literature. Based on a selective literature review of articles in political science and economics we summarize their findings from both disciplines, and analyze the economic and political development of the member states before and after having formed this alliance. A conclusion is that this collaboration is in fact becoming increasingly important for the world economy, international order, and the catching-up development in poorer world regions. This entails various challenges for related research, like the study of potential trade effects of a closer BRICS cooperation.

Russia-South Africa Relations: Collaboration in BRICS and the G-20

The paper investigates the features of Russia–South Africa relations in light of their membership in BRICS and the G-20. Collaboration with South Africa contributes to the creation of the multipolar world order and strengthens Russia’s position in such global governance institutions as the G-20, IMF and the World Trade Organization (WTO). It also helps to create global legitimacy of the multipolar system of international relations. The BRICS arrangement is an important intermediate negotiation ground between individual countries’ interests and the G-20. If member countries define a joint position on some matter within the BRICS format, it will have a higher chance of being approved by the G-20. New opportunities for economic co-operation provide additional benefits. The study’s results suggest that extensive economic opportunities can be developed through increased economic co-operation between Russia and South Africa. Though historically Russia has had a long-lasting political relationship with South Africa, to date economic collaboration between the countries continues to be very limited, and Russia places more weight on co-operation in international relations rather than on economic opportunities afforded by the BRICS forum. An increase in trade and investment flows is considered as the major area of strengthening co-operation between Russia and South Africa. On the whole, though co-operation within BRICS currently has more political than economic flavour, the development of further economic co-operation, along with an improvement in political relations, will make the overall BRICS forum more credible and reliable, as well as improve its members’ position within the G-20.