BRICS enlargement: Benefits for Russia and priority areas for further cooperation

Abstract

Aim. To identify the advantages of BRICS enlargement and justify the most priority areas of further cooperation from the point of view of Russia’s geopolitical and geo-economic interests. Objectives. To study scientific materials in the context of the research topic; to assess the impact of BRICS on the political situation in the world arena and identify promising areas of further cooperation; to assess the change in the balance of power in the global energy market; to identify the most effective areas of cooperation between the countries to ensure BRICS security; to  specify the relevant interaction between the countries in the financial sphere; to assess the impact of BRICS on integration with African countries; to identify the most priority areas of further cooperation; to identify the most effective areas of cooperation between the countries of the BRICS and Russia.Methods. The study uses the methods of analysis, synthesis, generalization, and systematic approach.Results. The article assesses the advantages of the expansion of the association and the directions of further cooperation from the point of view of Russian geopolitical and geo-economic interests. The article substantiates that the most promising areas of cooperation are deepening the coordination of foreign policy of the BRICS countries, implementation of measures to ensure collective security, establishment of monopoly pricing in the energy market, introduction of a common settlement system and a single unit of account for the countries of the association, implementation of large-scale logistics projects. The author proposes a mechanism for pricing commodities in BRICS units of account, whereby the exchange market price in BRICS units of account is adjusted by the BRICS countries based on agreements between them.Conclusions. BRICS is changing the vector of global development from unipolar to multipolar. Russia, being in the center of these processes, increases its political weight due to the commitment of more and more countries to the ideas of changing the existing world order. The most priority areas for further interaction are the work in the direction of foreign policy coordination of the member countries, joint search for effective responses to the challenges and threats to international and regional security, closer cooperation in the field of pricing in the energy market, financial sphere, scientific and technical sector and high technology; implementation of global logistics projects.