Southern Common Market Brics: A Critical Guide to Future Economic Cooperation

Elevating Economic Cooperation: A Procured Necessity

Southern Common Market Brics stands at a crossroads as it embarks on a new phase of economic cooperation amidst significant expansions in its membership. With the inclusion of nations like Egypt, Ethiopia, Iran, and the United Arab Emirates, the group faces challenges that could redefine its objectives and effectiveness.

1. How Will Brics Achieve Effective Economic Cooperation?

• Brics must reconsider its synergy to foster outcomes driven by political, economic, and social interactions.
• The establishment of the New Development Bank is a critical step, yet more tangible economic partnerships are necessary.

2. Institutionalization: A Path Forward?

Unlike Apec and the Shanghai Cooperation Organisation, Brics lacks a permanent secretariat, which limits its accountability. A professional secretariat can enhance collaboration without adding unnecessary bureaucracy.

3. The Challenge of De-Dollarisation

The dollar supremacy raises the stakes for Brics. Although noteworthy strides towards internationalizing the renminbi have been made, establishing a reliable alternative payment system remains a significant hurdle.

4. Prioritizing Core Issues

As the agenda expands, Brics should refine its focus on vital areas for collaboration to remain effective in the global landscape.

5. Achieving Unified Voice

The need for enhanced dialogue is crucial, particularly with India's dual alignments complicating consensus-building within the group.

6. The Role of Scholars

Innovative contributions from academia could catalyze the economic cooperation of Brics, yet past efforts have fallen short. Increased collaboration between scholars is essential for generating actionable strategies.

Visit the source for more detailed insights into these challenges facing Brics.