In Scope and Depth

Abstract

The article explores ways to ensure the internal consolidation of the BRICS group, which is at a crucial stage of its development due to the sharply changed geopolitical situation. It emphasizes that the issue of BRICS’ enlargement, which has taken central stage lately due to the desire of more than two dozen states to join it, should not sideline the task of deepening economic interaction within the group, structuring it further, and turning it into a full-fledged economic cooperation organization. The authors conclude that one of the main reasons for the difficulties encountered by the BRICS member states while conducting joint activities and for the “dispersion” of BRICS’ efforts is the lack of a comprehensive strategy, that is, clearly defined ultimate goals and parameters of the partnership. The article examines the advantages of adopting a concept of the BRICS common economic space as an integral plan that sets the direction for the group’s long-term development. The article outlines practical steps and areas for building a necessary system of institutional mechanisms and instruments that are critical for asserting BRICS’ role of a distinct macroeconomic entity in the world economy.