Development of the Economic Potential of International Cooperation between the Russian Federation and the BRICS Countries

Abstract

BRICS economic integration is a flexible and selective process aimed at strengthening economic sovereignty, reducing dependence on traditional Western power centers such as the EU and the US, and, most importantly, creating alternative mechanisms for cooperation. With the development of BRICS, favorable conditions are being created for the implementation of joint projects, the harmonization of customs procedures, and, as a result, the growth of trade and investment activity between member countries. For Russia, interaction with BRICS countries is becoming a pressing and priority task, given the alliance’s significant economic potential. Expanding areas of cooperation, implementing new projects, and expanding markets undoubtedly open up new opportunities for Russia to stimulate economic growth and strengthen its influence on the global stage. Aim and tasks. The purpose of the article is to summarize the experience of developing international cooperation within the framework of BRICS and identify areas of mutually beneficial cooperation. To achieve this goal, the following tasks are set in the study: a) to analyze the economic potential of the BRICS countries; b) to summarize the factors affecting the mutual trade of the BRICS countries; c) determine the directions of economic development for the BRICS countries. Methods. During the research, the authors used general scientific methods (analysis and synthesis), as well as special methods (economic and mathematical, historical and logical methods). The information base of the study was data from the Federal State Statistics Service, the official statistics portal of the BRICS countries (https://brics-stat.org and others). The use of statistical methods made it possible to assess the dynamics of GDP and draw appropriate conclusions. Results. As a result of the research, the factors influencing the mutual trade of the BRICS countries were identified, which made it possible to identify problematic issues and propose directions for economic development for the participating countries. The alliance’s member states are expected to become more interested in mutual trade, and Russia’s trade volumes with each individual BRICS member country are expected to increase. Conclusions. It is concluded that BRICS is capable of becoming the architect of a new global economic reality dominated by multi-currency settlements, sustainable energy and technological independence. It is obvious that the alliance is transforming and becoming a center that offers an alternative to Western models through a pragmatic combination of resources, innovation and multipolar dialogue.