The position of the emerging countries, Brazil, Russia, India, China and South Africa (BRICS), in the further development of the multilateral trading system

Abstract

This research is based on the premise that the BRICS group is a movement directed at the rebalancing power and wealth that may put an end to the domination of developed countries in the multilateral trading system. In order to effectively explore the role of BRICS in the further development of the multilateral trading system, this research poses the following questions: 1- What is the legal and institutional framework of the BRICS group and how does this framework relate to the objectives of BRICS group? 2- What is the interaction between the WTO and BRICS countries in the multilateral trading system? 3- What is the position of BRICS countries in the decision making process in the multilateral trading system? This research assesses the rise of the BRICS group, in relation to the participation of developing countries within the WTO. It presents some aspects regarding the challenges and complications that developing countries face in their participation in the multilateral trading system. The research further seeks to explore if this participation allows for more democratic development of the current multilateral trading system.