Regionalism And BRICS Write Up
Regionalism and BRICS: Understanding BRICS’ Trade Policy Agenda in the Era of Growing Regional Trade Agreements
Assignment
The paper focuses on certain lessons from a comparative study of BRICS countries in their approach to certain identified issues.
The dangers posed by manifold proliferation of RTAs is therefore twofold: on the one hand, it undermines the credibility of WTO as an institution, and, on the other, it influences groupings such as BRICS to follow the bandwagon effect of entering into asymmetrical and deep-rooted RTAs advocated by the Global North, especially the United States and European Union.
The hub country would therefore gain the maximum benefits from a trade agreement.
The rules of international trade which were once protected under the umbrella of the WTO as the sole authority for global governance is being fragmented due to a proliferation of FTAs which are creating parallel regimes alongside the WTO.
The growth in trade policy development of each BRICS country pertaining to their policy on regionalism
Brazil- Brazil’s entry into regional trade agreements began in 1990s, a period which preceded domestic hyper-inflation, economic stagnation and crisis. Initially, RTAs were perceived as laboratories to facilitate Brazil’s trade on the multilateral forums including the WTO.
Russia-Russia has also been conservative in entering into preferential trading agreements. Russia has concluded PTAs mainly with its neighboring countries. The trade agreements entered by Russia with its traditional partners, have not led to many fruitful results. Certain studies on Russia indicate that in view of the differences in harmonization among the constituent members of the economic partnership, trade integration in a number of areas has been limited.
India- India’s policy towards regionalism is marked by its geographical proximity, owing to agreements with its immediate neighbors of South Asia. An overview of India’s FTAs indicate that even though most of the
Assignment
The paper focuses on certain lessons from a comparative study of BRICS countries in their approach to certain identified issues.
The dangers posed by manifold proliferation of RTAs is therefore twofold: on the one hand, it undermines the credibility of WTO as an institution, and, on the other, it influences groupings such as BRICS to follow the bandwagon effect of entering into asymmetrical and deep-rooted RTAs advocated by the Global North, especially the United States and European Union.
The hub country would therefore gain the maximum benefits from a trade agreement.
The rules of international trade which were once protected under the umbrella of the WTO as the sole authority for global governance is being fragmented due to a proliferation of FTAs which are creating parallel regimes alongside the WTO.
The growth in trade policy development of each BRICS country pertaining to their policy on regionalism
Brazil- Brazil’s entry into regional trade agreements began in 1990s, a period which preceded domestic hyper-inflation, economic stagnation and crisis. Initially, RTAs were perceived as laboratories to facilitate Brazil’s trade on the multilateral forums including the WTO.
Russia-Russia has also been conservative in entering into preferential trading agreements. Russia has concluded PTAs mainly with its neighboring countries. The trade agreements entered by Russia with its traditional partners, have not led to many fruitful results. Certain studies on Russia indicate that in view of the differences in harmonization among the constituent members of the economic partnership, trade integration in a number of areas has been limited.
India- India’s policy towards regionalism is marked by its geographical proximity, owing to agreements with its immediate neighbors of South Asia. An overview of India’s FTAs indicate that even though most of the