While bringing out its major contours , examine the performance of the so called "Strategy for BRICS Economic Partnership" in two years of its existence.
The Strategy for BRICS Economic Partnership was adopted during the 7th BRICS Ufa summit. The idea behind the Strategy for BRICS Economic Partnership was to increase the competitiveness and economic growth of the BRICS economies in the global market. For this agenda the BRICS strategy was formed with the following purposes:
- In order to facilitate market integration & to increase market access.
- To create a business-friendly environment for mutual trade and investment;
- To diversify trade and investment cooperation
- For inclusive economic growth
- To build resilience to external economic shocks and to strengthen policy coordination;
However, there are various complex issues involved in the implementation of Strategy for BRICS economic partnership. First is that the priority areas specified in strategy are very broad and cover the entire range of economic engagement, not just New development bank(NDB), the strategy also includes trade and investment, energy, agricultural cooperation, science, technology and innovation, financial cooperation, connectivity, connectivity, people-to-people connectivity and ICT cooperation. The issue is the pace of implementation. In case of the two biggest economies among the BRICS group India and China, the progress has been rather slow.For example, In spite of various promises from the Chinese side, the trade deficit is almost same. Similarly, in case of rest of members, there are various issues hampering economic integration.
Also in the field of science and technology, innovation or agriculture and connectivity, there has been no recent breakthrough partnerships. In fact, India was the only major country in the region that skipped China’s mega connectivity program – the OBOR Project.
However, despite the slow pace of progress, steps are taken to strengthening the economic partnership among BRICS nations. The recent Xiamen summit of BRICS committed to using fiscal, monetary and structural tools to enhance resilience and strength of BRICS economies.
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