The round table "Economic Partnership of the BRICS countries and prospects for multilateral cooperation in the Eurasian space" was held in Moscow
On May 14, at the HSE site in Moscow, at the initiative of the BRICS Expert Council, a round table was held on the economic partnership of the BRICS countries and the prospects for cooperation in the Eurasian space. The event was held as part of the implementation of the program of the Russian presidency of the BRICS in 2024. The meeting was moderated by Vladimir Zuev, Head of the working group "Economic Cooperation, Trade, Infrastructure and Energy" of the BRICS Expert Council, Professor at the HSE Institute of Trade Policy.
The head of the BRICS Expert Council, Victoria Panova, drew attention to the fact that trade, economic and financial policy is of strategic importance among the many areas of activity of the association.
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Among the priority areas of BRICS activity remains the development of trade and economic relations between the participating countries, overcoming crisis trends, and jointly countering global restrictive measures and challenges. We remain the flagship project for the promotion and development of a multipolar world in the fields of politics and security, economics and finance. The result of our efforts should be the achievement of stable economic development and prosperity of our countries, but not only within the BRICS, but in general – the countries of the World majority.
Victoria Panova
Head of the BRICS Expert Council, Vice Rector of the Higher School of Economics
She also recalled the development of a unified payment system that could become an alternative to existing instruments.
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The BRICS' weight in the global economy is increasing every year. If we turn to the data of 2010, the total GDP of the BRICS countries was about 26.6% of the global total, and by last year the share of our countries had grown to 32.1%. <...> BRICS continues to develop, continues to grow and earn more and more authority in the global economy. After the expansion, the share of the BRICS member countries is 37% of global GDP.
Victoria Panova
Head of the BRICS Expert Council, Vice Rector of the Higher School of Economics
Andrey Spartak, Corresponding Member of the Russian Academy of Sciences, Head of the Department of International Trade and Foreign Trade of the Russian Federation at the All-Russian Academy of Foreign Trade of the Ministry of Economic Development of the Russian Federation, focused on applied issues of developing trade cooperation within the framework of BRICS. The expert noted that BRICS mutual trade is growing at a faster pace in relation to foreign trade.
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The BRICS should focus not so much on internal interaction as on formulating their vision of the prospects and principles for the formation of a new economic world order.
Andrey Spartak
Corresponding Member of the Russian Academy of Sciences, Head of the Department of International Trade and Foreign Trade of the Russian Federation of the All-Russian Academy of Foreign Trade of the Ministry of Economic Development of Russia
In addition, he drew attention to the increasing relevance of the BRICS agricultural agenda and identified a number of factors influencing the growing importance of agricultural trade. Among them: population and middle class growth, urbanization, steady demand for basic food, and others.
During the discussion, the issue of the possibility of using indices and statistical indicators to analyze the key characteristics of the BRICS was also raised. Alexander Daniltsev, Director of the HSE Institute of Trade Policy, spoke in detail about them. Among the key indices and indicators, GDP and the trade complementarity index were highlighted.
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I believe that this is the first step to show the mutual dynamics and current processes within the framework of trade within the BRICS.
Alexander Daniltsev
Director HSE Institute of Trade Policy
In addition, the participants of the meeting discussed the problem of the dichotomy of trade and investment in the BRICS, namely, the dynamics of the multi-speed growth of trade and investment in the association. As part of their report, HSE experts Vladimir Zuev, Andrey Voropai, Daria Gribanova and Kirill Gorshkolepov proposed possible options to stimulate the inflow of foreign investment into BRICS.
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First, it is the deepening of the integration of the African region into the BRICS trade and economic system, especially against the background of the expansion of the association in 2024. Africa has a successful history of cooperation with the Union of developing States in various formats, in addition, individual countries of the association actively invest in various sectors of the African economy. Russia is actively cooperating with the countries of the African continent in the field of natural resource extraction. Secondly, it is a continuation of the policy aimed at liberalizing trade in investments. Third, it is the development of special economic zones in the BRICS countries. They are a very important tool for attracting investments and stimulating exports.
Andrey Voropai
Expert of the Faculty of World Economics and World Politics of the Higher School of Economics
The experts also noted that the UAE's accession can play a positive role in increasing investment activity within the BRICS, since this country is a major aggregator of cash flows and in the future may become a transshipment point for investment flows between the BRICS member countries.
As part of the final part of the meeting, a report was presented on the new role of the atom in the energy cooperation of the BRICS countries.
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The BRICS countries have been cooperating for a long time in various areas of nuclear energy, while the atom acquires a new meaning and significance in the context of climate change and the efforts of the BRICS countries to reduce emissions.
Vadim Kuznetsov
Head of the Group of Young Experts on Resource Management of the United Nations Economic Commission for Europe, Director of Programs on Sustainable Development and Climate Change of the BRICS IEA
He stressed that the BRICS is a very significant association in terms of climate negotiations, since the share of emissions from the BRICS countries is slightly less than half of global CO2 emissions.
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This is an extremely important lever in the negotiation process of the UN Framework Convention on Climate Change, because it is impossible to solve the problem of climate change without the BRICS countries.
Vadim Kuznetsov
Head of the Group of Young Experts on Resource Management of the United Nations Economic Commission for Europe, Director of Programs on Sustainable Development and Climate Change of the BRICS IEA
He also stressed that there is a consensus in the BRICS on the need to develop nuclear energy, and 8 out of 10 countries of the association are already developing it.
Victoria Panova also noted the dynamic pace of trade development within the BRICS countries and outlined key areas of work.