International Legal Format for Trans Regionalisation of Trade and Economic Partnership within BRICS in Global Development

Abstract

An integral part of globalisation is the emergence of a multipolar world. Strategic partnership at the regional, interregional and trans-regional levels is becoming a new institution and an instrument of modern international relations. The research discusses the international legal cooperation framework of BRICS (Brazil, Russia, India, China, South Africa) as a trans-regional association. The importance of rapprochement of the positions of the BRICS countries in the global political and economic system is emphasised. Particular attention is paid to assessing the BRICS countries economic potential and condition of their national economies, as well as analysing the foreign trade partners of Russia with the BRICS countries, development opportunities and prospects. The following results were obtained: positive factors contributing to the BRICS countries’ trade and economic cooperation strengthening are common interests in trade, export activity and export complementarity of some economic sectors, and the absence of direct competition. The measures to increase and expand mutually beneficial trade and economic partnership within BRICS will enable the countries to most effectively use their resource, technological and trade and economic potential to ensure sustainable growth of the national economy and competitiveness in world development. The results obtained can help formulate a trade and economic cooperation strategy within the BRICS framework.