BRICS stabilizes inclusiveness, efficiency amid increasing membership
Date
10/21/2024 6:21:42 AM
(MENAFN) BRICS has emerged as one of the most dynamic groups on the international stage, characterized by its core expansion and a notable increase in the number of developing economies expressing interest in joining the platform. This surge in appeal, particularly within the Global South, highlights BRICS's growing influence and significance. However, as the group becomes more inclusive, experts are increasingly raising concerns about how to ensure that this inclusiveness does not compromise efficiency. A primary worry is that an expanded membership could complicate the process of reaching consensus within the group, potentially hindering its effectiveness in addressing global challenges.
The challenge of balancing inclusiveness with efficiency is particularly relevant as BRICS continues to evolve. As this trend toward greater inclusivity appears inevitable, one of the key hurdles lies in enhancing the operational effectiveness of the group. China, having initiated the "BRICS Plus" cooperation model in 2017, holds a pivotal role in this process. The model has spurred a wave of applications from developing nations seeking to join the BRICS family, significantly contributing to the group's expansion and relevance. Moving forward, there is an opportunity for China to lead initiatives aimed at improving the effectiveness of BRICS, focusing on practical economic cooperation among BRICS Plus economies.
To achieve a harmonious balance between inclusiveness and efficiency, prioritizing economic cooperation, particularly in trade and investment, is essential. One potential avenue for expanding the BRICS partnership circle is the establishment of a BRICS Plus "partnership belt" that fosters regional integration arrangements involving core BRICS economies. This approach would not only broaden the group’s network of partners but also facilitate trade liberalization among BRICS Plus economies, whose trade policies are increasingly influenced by their regional integration blocs. By creating such partnerships, BRICS can enhance its role as a significant player in global trade while fostering stronger ties among its members.
MENAFN21102024000045015839ID1108802138
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.