http://orcid.org/0000-0002-9584-3494
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ABSTRACT
The heterogeneity of the BRICS impedes rapid progress. One way to overcome this limitation would be to shift the focus from trade liberalization to other types of economic cooperation. This can be complemented by accepting China’s initiative to create a BRICS+ structure, which would augment the cooperation among the core five members by a wider circle generated by each of its members within their respective regional integration arrangements. We conceive of it as a ‘circle-and-spoke’ model. We argue that three areas of cooperation are feasible and promising: development finance, connectivity and financial stability. Institutionally, this means cooperation among regional integration organizations, regional development banks and regional financing arrangements.
摘要
扩展‘金砖’至’金砖+’：论发展金融、连通性及金融稳定之潜力. Area Development and Policy. 金砖国家之间存在的不均一性阻碍其快速发展。将重点从贸易自由化转向其他方式的经济合作是克服这种局限的一种办法，并且可以以接受中国关于建立’金砖+’结构的倡议作为补充。这种方式将通过金砖国家各自的区域一体化措施所形成的更广泛的合作圈，来扩大核心五国之间的合作。我们将其设想为一个’圆辐’模式。我们认为发展金融、连通性和金融稳定是三大可行并且有潜力的合作领域。在合作机构方面，这意味着区域一体化组织、区域开发银行和区域金融措施之间的合作。
RESUMEN
Ampliación BRICS a BRICS+: potencial de financiación del desarrollo, conectividad y estabilidad financiera. Area Development and Policy. La heterogeneidad de los países del BRICS impide que ocurra un avance rápido. Un método para remediar esta limitación sería reconducir la liberalización comercial hacia otros tipos de cooperación económica. Esta medida se puede complementar aceptando la iniciativa de China de crear una estructura BRICS+ que haría aumentar la cooperación entre los cinco miembros principales por un círculo más amplio generado por cada uno de sus miembros dentro de sus respectivos acuerdos de integración regional. Lo consideramos un modelo ‘círculo y radio’. Argumentamos que tres áreas de cooperación son factibles y prometedoras: financiación del desarrollo, conectividad y estabilidad financiera. Desde una perspectiva institucional, esto significa una cooperación entre organizaciones de integración regional, bancos de desarrollo regional y acuerdos de financiación regional.
Аннотация
Расширение БРИКС до БРИКС+: потенциал финансирования развития, связанность и финансовая стабильность. Area Development and Policy. Неоднородность БРИКС препятствует быстрому прогрессу. Одним из путей преодоления этого ограничения могло бы стать смещение акцента с либерализации торговли на другие виды экономического сотрудничества. Это может быть дополнено принятием инициативы Китая по созданию структуры БРИКС+, которая дополнит сотрудничество между пятью основными членами за счет более широкого круга, сформированного каждым из ее членов в рамках соответствующих региональных интеграционных договоренностей. Мы воспринимаем его как модель ‘колесо-и-спицы’. Мы утверждаем, что возможны и перспективны три области сотрудничества: финансирование развития, связанность и финансовая стабильность. В институциональном отношении это означает сотрудничество между организациями региональной интеграции, региональными банками развития и региональными механизмами финансирования.
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DISCLOSURE STATEMENT
No potential conflict of interest was reported by the authors.
Notes
1. During the Johannesburg Summit, Turkish President Recep Erdogan urged the leaders of BRICS countries to accept Turkey as the sixth member of the organization, which would then be called BRICST. While the political reasoning behind this proposal is evident, several of Turkey’s structural features make this proposal a sensible one. First, it is a large emerging economy at a level of economic development comparable with the BRICS members. Second, it aspires to a role as a regional leader in west Asia. Third, it features prominently on the connectivity map as concerns transport and energy corridors.
2. There is also a potential extension of the term BRICS+ to ‘BRICS++’, which stands for bilateral and regional alliances of BRICS+ members with countries and blocs outside of the BRICS+ circle.
3. The term ‘Greater Eurasia’ is used to refer to the Eurasian continent ‘from Lisbon to Hanoi’. This clarification is necessary since, over the last decade, it became common to use the term ‘Eurasia’ to refer to the post-Soviet space or to the nascent Eurasian Economic Union (EAEU).
4. The issue of a common BRICS rating agency has been raised on numerous occasions during BRICS official meetings as well as within the discussions of the BRICS Business Council. The extended BRICS+ format in this area may involve closer cooperation of the BRICS rating agency with the respective national rating agencies of BRICS core members as well as with those of their regional partners.