Proceedings of the “New Silk Road: Business Cooperation and Prospective of Economic Development” (NSRBCPED 2019)

International Economic Integration of BRICS Countries–Driver of Regional and Global Economic Growth

Authors
Tamara Parfinenko
Corresponding Author
Tamara Parfinenko
Available Online 30 March 2020.
DOI
https://doi.org/10.2991/aebmr.k.200324.080How to use a DOI?
Keywords
BRICS, international economic integration, economic growth, competitive advantages of a country
Abstract
The article examines the state and effectiveness of the integration processes of the international BRICS association. Since its establishment, the BRICS member countries have continued to deepen and increase economic integration, what became the driver of economic dynamism, both within the group and of the global economy on the whole, forming a polycentric global architecture of both economic and institutional space. At the regional level, BRICS economic integration has led to the intensification of bilateral relations between the members in direct investment, trade, access to technological advances, and the formation of bilateral financial funds. The study aims to assess the effectiveness of the integration between the BRICS countries, which were grouped with the effective use of the existing pool of competitive advantages of each of them. That enforced a synergetic effect of the evolution of an international economic association to the global level. The subject of the study is the development of economic relations of the BRICS member states in the direction of expanding the functionality and scale of integration processes. The hypothesis is grounded on the ability of the international level integration association BRICS to become a driver of balanced and sustainable economic growth of the direct regional participants and the possibilities of its influence on global economic trends and on the reform of the geo-economic structure. The scientific contribution consists in the analysis, synthesis, structuring and evaluation of the results of the BRICS international integration processes. The article presents analyses the economic indicators and the current institutional state of the association of BRICS, gives a comparative analysis with the economies of developed countries. In the work were used methods of analysis and synthesis, logical, comparative methods, system approach, and graphical method. In conclusion, effectiveness of integration relations between the BRICS member states is presented and tendencies of further expansion and strengthening of their economic integration are identified, based on mutually beneficial use of each country’s unique competitive advantages, on the striving for restructuring of national economies under the conditions of development of innovative and knowledge-intensive industries. Also a model of synergistic effect of BRICS integration is suggested.
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Proceedings
“New Silk Road: Business Cooperation and Prospective of Economic Development” (NSRBCPED 2019)
Part of series
Advances in Economics, Business and Management Research
Publication Date
30 March 2020
ISBN
978-94-6252-941-0
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.200324.080How to use a DOI?
Open Access
This is an open access article distributed under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Tamara Parfinenko
PY  - 2020
DA  - 2020/03/30
TI  - International Economic Integration of BRICS Countries–Driver of Regional and Global Economic Growth
BT  - “New Silk Road: Business Cooperation and Prospective of Economic Development” (NSRBCPED 2019)
PB  - Atlantis Press
SP  - 426
EP  - 431
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200324.080
DO  - https://doi.org/10.2991/aebmr.k.200324.080
ID  - Parfinenko2020
ER  -