Director of research and principal research scientist, Mihaela Papa, discusses how the economic integration of emerging market nations within the expanded BRICS group will be enhanced by advancements in proposals like a payments system and grain exchange.
Emerging market nations in the expanded BRICS group would see their economic integration boosted by tangible progress on proposals such as developing a payments system and grain exchange for members.
That’s according to Mihaela Papa, director of research and principal research scientist at the Center for International Studies at the Massachusetts Institute of Technology and co-author of the 2022 book: “Can BRICS De-dollarize the Global Financial System?”
“With BRICS doubling its membership in 2024, new members are expected to support existing BRICS agendas,” she said in a written interview with Bloomberg News. “A key question is whether they can innovate together.”
The BRICS — comprising Brazil, Russia, India, China and South Africa — expanded on Jan. 1 to include Iran, the United Arab Emirates, Ethiopia and Egypt. Russia is due to host the BRICS Summit Oct. 22 to 24, just a couple of weeks ahead of a US presidential election that will be crucial for the group’s prospects.
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