... approach to BRICS+ is the cooperation among the regional integration blocks and regional organizations in which BRICS/BRICS+ countries are members. The nucleus of this format may be based on the cooperation among the key/priority regional projects of BRICS members: BIMSTEC (South Asia), Eurasian Economic Union, African Union, MERCOSUR (Latin America), Shanghai Cooperation Organization (Asia). Such a format has the benefit of being significantly more inclusive with respect to the small- and medium-sized economies of the Global South. This platform also allows such influential ...
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The start of the year 2023 was marked by a series of statements coming from representatives of BRICS countries concerning plans to create new currencies. In particular, Brazil’s President Lula called for the creation of common currencies among BRICS and MERCOSUR countries, while Russia’s Foreign Minister Sergey Lavrov stated that the creation of the BRICS common currency would feature in the discussions at the BRICS summit to be held in South Africa this year. And even as a lot of these changes in ...
... integration initiative is the African Continental Free Trade Area launched in 2018. Another important development is the rising coordination among the regional integration blocks and the signing of the respective memoranda between the Eurasia Economic Union, MERCOSUR and ASEAN.
The possible scope for the use of national currencies within the R5 paradigm has also been broadened in recent periods via the expansion in the membership of the BRICS New Development Bank (NDB). In particular, among the new members of NDB is United Arab Emirates whose currency could be used in mutual settlements within the R5+ circle as well as transactions undertaken by NDB itself. There are other new members ...
... cooperation among regional integration arrangements and their development institutions where BRICS countries are members. Such a platform could have the BEAMS concept as its core — namely cooperation among the key regional integration initiatives of BRICS economies such as BIMSTEC, EAEU, ASEAN-China FTA, Mercosur and SADC/SACU. This circle of cooperation could be
complemented
by platforms between regional development banks/regional financing arrangements and NDB/BRICS CRA respectively.
One of the ways to upgrade/modernize this BRICS+ concept into a “BRICS+ ...
