Issue ? 46. Oсtober 2014

Prospects for the Development of BRICS after the Summit in Fortaleza: Political and Economic Situation of the Member Countries

Member of Center for Asian Studies at University of São Paulo (LEA – USP), B.A. in International Relations at Pontifical Catholic University of São Paulo (PUC-SP); M.A. student in Applied Political Science at National Research University “Higher School of Economics”, Moscow, Russian Federation.
E-mail: vgferraro.jr@hotmail.com

The emergence of BRICS marked an important moment for the contemporary International System. Emerging powers are beginning to create their own mechanisms of socio-economic development, demanding more representation in the organs of global governance and insisting on the reform of financial and monetary architecture. Geopolitical factors, the tension between the West and Russia, the international economic crisis and the similarities in ideological orientation during the rule of center-left parties have contributed to the development of BRICS as a political association. The challenge now is to use this favorable moment to deepen other areas of cooperation, including trade and education.

The aim of this article is to analyze the prospects of development of BRICS and its ability to carry out significant changes in the status quo of the International System. The main research method applied was the analysis of different (geo)political, social and economic indicators of each participating country, as well as the speeches of their leaders at the summit of Fortaleza in July 2014. It is expected that this work will contribute to a better understanding of BRICS and the conditions to strengthen it as a major actor in the international relations.

Keywords

BRICS, Brazil, Russia, India, China, South Africa, developing countries, International Regime, World Order, The New Development Bank, the monetary and financial architecture, Global Governance, summit in Fortaleza.