Potential of BRICS and SCO

1540
DOI: 10.20542/0131-2227-2015-4-111-116

E. Andreeva, Institute of Economics, Ural Branch of Russian Academy of Sciences, 29, Moskovskaya Str., Yekaterinburg, 620014, Russian Federation (elenandr@mail.ru).
A. Ratner, Institute of Economics, Ural Branch of Russian Academy of Sciences, 29, Moskovskaya Str., Yekaterinburg, 620014, Russian Federation (aratner@inbox.ru).

Acknowledgments. The article has been supported by the Program of Ural Division of RAS 14 “Fundamental Problems of Regional Economies, 2015–2017”.


Abstract. The authors consider current status and prospects of Shanghai Cooperation Organization (SCO) and the group of BRICS (Brazil, Russia, India, China, South Africa). It is argued that both are formed by big quickly growing economies. This provides a good potential of economic cooperation. The authors single out the following factors. First of all, all member countries show positive dynamics of economic development. GDP in BRICS and SCO countries grew at the beginning of the XXI century significantly faster than in integration associations built by developed countries (EU, NAFTA). In general, the largest growing economies are on the raising wave of economic cycle and they invest a significant portion of national income into development. This secures them a benefit against developed countries. Secondly, the countries of SCO and BRICS possess vast human potential which is rapidly growing both quantitatively and qualitatively. Thirdly, they are rich in natural resources – in terms of both minerals and agro-climatic conditions. That is why these countries can economically complement each other. BRICS countries already practice economic partnership in a number of spheres – financial, agricultural, scientific and technological. As for investment partnership, the favorable prospects exist for carrying out multilateral mega-projects within BIRCS and SCO. Russia is especially interested in power engineering. Other prospective spheres include airspace, transportation infrastructure, environmental protection, education and vocational training. An important incentive to enhancing cooperation is common strive for transition from conservative resource-based type of development to the innovative economy.

Keywords: BRICS, SCO, large quickly growing economies, cooperation


Registered in System SCIENCE INDEX

For citation:
Andreeva E., Ratner A. Potential of BRICS and SCO. World Eonomy and International Relations, 2015, no. 4, pp. 111-116. https://doi.org/10.20542/0131-2227-2015-4-111-116



Comments (0)

No comments

Add comment







Indexed

 

 

 

 

Dear authors! Please note that in the VAK List of peer-reviewed scientific journals, in which the main scientific results of dissertations for the degree of candidate and doctor of sciences should be published for the “MEMO Journal” the following specialties are recorded:
economic sciences:
5.2.5. World Economy.
5.2.1. Economic Theory
5.2.3. Regional and Branch Economics
political sciences:
5.5.4. International Relations
5.5.1. History and Theory of Politics
5.5.2. Political Institutions, Processes, Technologies

 

Current Issue
2023, vol. 67, No. 11
Topical Themes of the Issue:
  • Digital Confrontation between USA and China: Economic and Political Dimensions
  • Russia-China Partnership in the Context of US-China Rivalry
  • Shaping of the “China Threat” Concept in the U.S. Expert-Political Discourse
  • Race for Nanometers: American Policy Toward Taiwan and Republic of Korea
Submit an Article
INVITATION FOR PUBLICATION
The Editorial Board invites authors to write analytical articles on the following topics:
  • changes in the processes of globalization in modern conditions
  • formation of the new world order
  • shifts in civilization at the stage of transition to a digital society

The editors are also interested in publishing synthesis articles / scientific reviews revealing the main trends in the development of certain regions of the world - Latin America, Africa, South Asia, etc.