The international and legal framework for transregionalization of trade and economic cooperation of the BRICS countries

Abstract

The emergence of a multipolar world is an integral part of the globalization processes. Strategic partnership at the regional, interregional and transregional levels is becoming a new institution and at the same time an instrument of modern international relations. The international and legal framework for the cooperation of BRICS as a transregional association is considered herein. The importance of converging the positions of the BRICS countries in the global political and economic system is emphasized. The research is aimed at the analysis of the international legal foundations of trade and economic cooperation of the BRICS countries within the system of transregional relations, factors, conditions and prospects for development. The measures to enhance and expand mutually beneficial trade and economic partnerships within the framework of BRICS will most effectively utilize their resource, technological, and trade and economic potential, creating the basis for the sustainable growth of the national economy and competitiveness in global development. The practical significance of the study lies in the analysis of the mechanisms of integration of BRICS. The results obtained may be useful in shaping the strategy of trade and economic cooperation within the framework of BRICS.