The impact of BRICS on emerging economies; An innovative approach.
The BRICS group, with the membership of Brazil, Russia, India, China and South Africa, seeks to change the world order and create space for the development of alternative financial and political systems.
This alliance, in response to the economic dominance of the West and especially the United States, is trying to establish a new economic balance that will help developing and emerging countries to distance themselves from dependence on Western currencies, especially the dollar.
These efforts include supporting local currencies and creating independent payment systems. Such initiatives can enable the BRICS countries and other countries of the developing world to resist economic fluctuations caused by Western monetary policies and move towards greater economic independence.
Sustainable development with a focus on synergy between domestic and international policies
One of the most important challenges of the BRICS countries is to match the internal policies with the major goals and needs of this alliance. Harmonization of economic and development policies with BRICS approaches can play an essential role in realizing the sustainable growth prospects of these countries.
This issue is especially important in infrastructure investments, because the strengthening of transportation, energy and communication infrastructures can improve the competitiveness of member countries and facilitate their access to international markets.
For example, China has been active in the development of transportation infrastructure in different countries with the “Belt and Road” project, which helps not only China, but also the countries accepting these investments to achieve new economic and trade flows. This kind of cooperation can be a model for other BRICS member countries to complement their domestic and foreign policies in the direction of BRICS goals.
BRICS and innovative economic diplomacy to attract developing countries
BRICS is trying to expand its economic influence beyond the member countries and establish economic and trade alliances with countries from Africa, West Asia and Latin America. This innovative economic diplomacy, relying on cooperation in various fields including energy and natural resources, lays the foundation for comprehensive and balanced economic development. By providing financial mechanisms and investment facilities for non-member countries, BRICS helps to attract them to its sphere of influence and create a wide economic network.
South against North in BRICS!
Turkish analyst: Why were we not accepted in BRICS?
For example, cooperation in the energy sector is one of the key axes. BRICS countries, due to access to extensive natural resources, can use this capacity to create economic opportunities and develop energy infrastructure in other countries and increase their economic influence, especially in energy-dependent countries.
Digitization of the economy and the role of technology in improving the competitiveness of BRICS countries
Another important dimension of BRICS activity is the effort to digitize the economy and strengthen technological innovations among the member countries. The creation and expansion of digital payment systems that use local currencies instead of foreign currencies can reduce trade costs and help strengthen economic cooperation between member states.
In addition, BRICS seeks to develop communication technologies and digital infrastructure that will not only affect the competitiveness of these countries in global markets, but also help them establish their place in the world’s digital economy.
This strategy could include the creation of dedicated BRICS communication networks, the development of digital infrastructure such as optical fiber and broadband networks, as well as the exchange of knowledge and technology between BRICS members.