BRICS STATES IN THE GLOBAL ECONOMIC GOVERNANCE: THE WTO CASE
The rise of emerging powers in the world economy has a significant impact on the transformation of global economic governance. The countries with emerging economies seek to enhance their role in international economic organizations and decision-making at the global level. The main players here ar...
Main Authors: | , |
---|---|
Format: | Article |
Language: | Russian |
Published: |
Volgograd State University
2017-06-01
|
Series: | Vestnik Volgogradskogo Gosudarstvennogo Universiteta. Seriâ 3, Èkonomika,Èkologiâ |
Subjects: | |
Online Access: | http://ges.jvolsu.com/index.php/en/archive-en/364-2012-19/international-economy/1152-brics-states-in-the-global-economic-governance-the-wto-case |
Summary: | The rise of emerging powers in the world economy has a significant impact
on the transformation of global economic governance. The countries with emerging economies
seek to enhance their role in international economic organizations and decision-making at the
global level. The main players here are the BRICS countries. The contradictions between
these countries and Western states represent a modern challenge to the functioning of the
global governance. This is clearly demonstrated by the failure of the international trade
negotiations under the WTO, which leads to the shift of member states’ priorities towards
megaregional trade agreements and indicates the need for changes in the organization.
The WTO cannot be seen today as a “rich men’s club” since emerging powers are
eager to actively participate in trade negotiations, while recognizing the established rules and
regulations. Despite the attempts of certain cooperation in their policies, BRICS countries
differ in their trade interests. These states not only play different roles at the world markets of
goods and services, but also apply various tariff and non-tariff measures. Moreover, a significant
number of protectionist measures affects intra-BRICS trade. These differences complicate
the cooperation of emerging powers in the international trading system and entangle the process
of transformation of global economic governance. |
---|---|
ISSN: | 1998-992X 2408-9478 |