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BRICS: Growth, Impact, and Future



  Sep 06, 2023

BRICS Bloc: Expansion, Impact, and Future Prospects


Understanding the Evolving Dynamics of Emerging Economies

 

What is the BRICS bloc?

BRICS is an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. Its objectives include reforming global financial structures, supporting inclusive growth, promoting regional trade, and fostering South-South cooperation.
 

How has the BRICS bloc expanded recently?

The BRICS bloc has recently added six new countries: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, often referred to as BRICS + 6.
 

What does Revealed Comparative Advantage (RCA) signify?

RCA indicates the potential for increasing bilateral trade based on the inherent strengths and advantages of the involved countries.
 

How might India benefit from the BRICS expansion?

India has the potential to significantly increase its bilateral trade with the six new member countries due to its comparative advantages.
 

Have there been recent trade improvements between India and the new BRICS countries?

Yes, bilateral trade between India and certain new members, especially Egypt, Saudi Arabia, and the UAE, has seen a positive trend.
 

What commodities might India consider importing from these new countries?

Potential imports include animals from Argentina, wood, food products, plastic, and rubber from Egypt, and hides and skins from Ethiopia.
 

How is the New Development Bank (NDB) relevant in this context?

Established by the BRICS countries, the NDB aims to mobilize resources for infrastructure and sustainable development projects and can provide local currency funding to member nations.
 

What are the benefits of trading in rupee for BRICS nations?

Benefits of trading in rupee include a reduction in transaction costs, increased price transparency, faster settlement times, promotion of international trade, and a decrease in the cost of holding foreign reserves.
 

What are some recommendations for the BRICS nations moving forward?

It is suggested that the nations prioritize greater connectivity and increased inter-grouping trade. Cooperation between member nations, especially India and China, on various fronts is also emphasized.
 

How might the extended BRICS bloc influence the global currency dynamics?

The expansion of the BRICS bloc is anticipated to challenge the dominance of major global currencies like the dollar, euro, and pound sterling in international trade and payments.
 
For a comprehensive understanding and further insights on the BRICS bloc and its evolving dynamics, consider visiting our website www.sriramsias.com.


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