Trade and Economic Cooperation of BRICS: Problems and Prospects
The subject of this study is the legal and financial features of the BRICS trade and economic cooperation and the practice of their application in modern conditions. The purpose of this article is to identify problems that impede the effective development of economic relations and put forward proposals for their improvement. The study showed that the BRICS countries have significant reserves for multilateral cooperation and support of trade and economic relations. In this regard, harmonization of trade and economic relations of partner countries is necessary, in order to solve strategic problems and improve the living standards of the population. It is shown that simplifying the access of entrepreneurs to credit, tax incentives for exporters of industrial goods, flexible conditions for direct and indirect financing of projects and programs, expanding the participation of BRICS development banks and institutional investors contributes to the progressive development of national economies and improving trade and economic relations of BRICS. For research purposes, IBOV INDEX (Brazil), CRTX INDEX (Russia), SENSEX INDEX (India), SHCOMP INDEX (China), JALSH INDEX (South Africa) and Bloomberg platform (WEI, DES, GP, XLTP XCIT, MEMB) materials were used. Evaluation of data in key sectors of the BRICS economies showed the existence of interconnectedness and interdependence of the BRICS trading floor indices - sources of direct financing for trade and economic cooperation of partner countries. Correlation analysis and cointegration of time series confirmed a solid foundation for stimulating multilateral cooperation of the BRICS, including on the basis of interstate support for business entities and expanding the participation of institutional investors in ensuring sustainable development of the BRICS. It is concluded that the results of the study can be used in developing measures of interstate support for trade and economic cooperation of BRICS in modern conditions.
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