The Evolution of BRICS in International Political Economy

Abstract

In a highly interdependent and globalized era, the BRICS economic regionalism exhibits the implementation of institutional arrangements that is designed to facilitate the free flow of goods and services and coordinates foreign economic policies. Physical and geographical proximity is often seen as a reason for conflict among countries which can be drastically resolved by the formation of economic ties. Strong economic relation among BRICS countries reduces the chance of conflict, creating the possibility of a peaceful global atmosphere. The post-liberalized international system has adopted new dimensions of regionalism and the concept of ‘trade creating geography or space’ is becoming prominent. This notion is based on the proposition that ‘trade creates space’, based on which the study evolves. The globalization, trade liberalization, transnationalism, and privatization prevailed to enhance the scope of this study on trade creates favorable space for BRICS. This paper analyses the evolving nature of BRICS in global political economy, in both political as well as economical aspects