Integration of the BRICS countries in the developing global space: Current state and prospects

Aim. The work aimed to solve a number of fundamental and applied problems focused on studying the problems, opportunities, and prospects of economic integration of the BRICS (Brazil, Russia, India, China, South Africa) countries, including Russia.

Objectives. The work seeks to study the theoretical foundations of economic integration and identify key methods of its implementation; to analyze the current state of economic integration of the BRICS countries and identify the main achievements and problems; to reveal new strands of cooperation and prospects for the development of economic integration within the BRICS.

Methods. The study employed general scientific principles of system, historical, and comparative analysis, methods of deduction and induction to identify the general and the particular in various models of interaction. The content analysis method was applied to generalize and systematize the information obtained, which helped to identify examples of international economic integration of the BRICS countries, as well as to study the causes and context of the development paths of integration processes.
Results. Based on the generalization and study of the theoretical foundations of economic integration, identifying key methods of its implementation, presented in the scientific works of Russian and international scientists, the authors analyzed the state of economic integration of the BRICS countries at the current stage. The main achievements and mechanisms of cooperation were identified, its new directions were defined, as well as the prospects for the development of economic integration within the BRICS in the context of the fastest growing economies in the world and the new geopolitical reality that has emerged.
Conclusions. Further development of economic integration of the BRICS countries requires identification of a number of priority fields, namely increasing trade between the members of the association; expanding the list of the alliance members; increasing settlements in national currencies; assistance and investment in the field of scientific and technological development, infrastructure; creation of alternative payment methods. The BRICS countries should join efforts and develop a more coordinated concept of interaction. The development and deepening of integration processes in the economic sphere is one of the main priorities of BRICS these days.

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