BRICS Economic Integration: Prospects and Challenges

BRICS Economic Integration: Prospects and Challenges
Authors: Marida Nach & Ronney Ncwadi
Journal: South African Journal of International Affairs
Volume & Issue: Volume 31, Issue 2, 2024

The article situates the BRICS nations within the context of a rapidly evolving global economic system where multilateralism and South-South cooperation are increasingly significant. The authors explore the potential and limits of economic integration among countries with highly diverse economic structures, growth rates, and policy priorities. Key areas of investigation include fiscal and monetary policy coordination, structural economic disparities, trade integration, and the conceptual and practical challenges of establishing a common currency.

By analyzing existing literature and economic data, the study highlights both the opportunities and constraints faced by BRICS countries in deepening their economic collaboration. While the bloc’s diversity offers resilience and complementary capacities, it simultaneously poses coordination challenges that hinder convergence toward unified economic policies. The article underscores that successful integration would require carefully aligned national and collective economic strategies, harmonization of regulatory frameworks, and mechanisms to address economic asymmetries.

The study contributes to the broader discourse on economic integration in emerging economies and the role of BRICS in reshaping global economic governance. It offers insights into how multilateral initiatives within BRICS could enhance collective bargaining power, promote sustainable development, and influence global financial architecture, while also cautioning that structural differences and policy divergences remain key barriers to achieving full economic cohesion.