Comparative Study of BRICS Decisions Regarding the Main Guidelines of International Financial and Economic Infrastructure Reform

Аннотация

Undoubtedly, BRICS have considerable influence in the world. The leaders of BRICS countries decided to create new financial and economic infrastructure and, hence, documents and resolutions adopted by BRICS countries and relevant G20 documents can be considered to be of great importance. A detailed analysis of these documents enables us to trace the turning points in the development of BRICS countries and recognize key factors, which further influence effective cooperation and collaboration. In this regard, it seems important to study the role of BRICS in the international arena, analyzing the importance of joint BRICS’ declarations on the collaboration and cooperation within BRICS, the problems of reforming international monetary and financial institutions, and establishing new financial and economic infrastructure establishment. Certainly, the establishment of new financial and economic infrastructure is extremely complicated. In this article the author shows that BRICS countries decided that it was necessary not only to reform existing institutions, but also to establish new ones, such as the BRICS Development Bank.