SERGEY DROBYSHEVSKY: Over the past 10 years, BRICS WORKED OUT a mechanism for reaching consensus

10 years passed since the official establishment of the alliance, however, no noticeable economic or political effect from the BRICS existence has been seen yet. Even BRICS supporters admit that this association is “not so evident” even today compared to “G7” or G20, which were established according to rather obvious indicators, i.e. 7 or 20 largest economies in the world. However, as Sergei Drobyshevsky, Scientific Director of the Gaidar Institute, noted in his comment to “Profile” weekly magazine, the “Alliance of Five” was established “very farsightedly,” with an eye to the future.
According to expert, the system of supranational management of global economy, which seemed unshakable in the early 2000s, had numerous failures nowadays (impacted by crisis, Brexit, changes in the leadership of the United States, etc.). These failures result in the lack of commitment to comply with WTO standards, inefficiency of decision-making within G20, crisis of “classical” international financial institutions like the IMF and the World Bank. Nonetheless, such things were not observed back in 2010.

With this in mind, the unification of major developing economies can start playing the role of the counterweight to the West that the Kremlin had once dreamed of. Moreover, participating countries themselves (not all, though) have changed their position in the world ranking table. In terms of GDP, China came in second after the United States and plays an equal role with traditional economic centers, such as America, the EU and Japan.

According to Sergey Drobyshevsky, a mechanism aimed at reaching consensus on most economic issues that the BRICS participants could jointly resolve within the framework of traditional financial associations and economic blocs, has been mastered over 10 past years. Although,  everyone is still more concerned with their own issues : China is busy with trade wars against the USA, while Russia is preoccupied with fall in oil prices and laying of new pipelines.