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The heterogeneity of the BRICS impedes rapid progress. One way to overcome this limitation would be to shift the focus from trade liberalization to other types of economic cooperation. This can be complemented by accepting China’s initiative to create a BRICS+ structure, which would augment the cooperation among the core five members by a wider circle generated by each of its members within their respective regional integration arrangements. We conceive of it as a ‘circle-and-spoke’ model. We argue that three areas of cooperation are feasible and promising: development finance, connectivity and financial stability. Institutionally, this means cooperation among regional integration organizations, regional development banks and regional financing arrangements.
Lissovolik et al. (Mon,) studied this question.
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