BRICS 2025: 'Many will be looking for response to protectionist pressure'

CGTN Europe spoke to Yaroslav Lissovolik, BRICS+ Analystics CEO and Founder.

Transcript

00:00Well, Yaroslav Lissavolik is the CEO and founder of BRICS Plus Analytics.

00:05I think given the developments in the global economy around trade and unprecedented protectionism,

00:13I think a lot of the people will be looking towards statements coming from the BRICS summit

00:19concerning trade, concerning the response, perhaps a coordinated response from BRICS

00:25with respect to this unprecedented protectionist pressure.

00:29Another element that will be important is financial mechanisms, alternative payment systems.

00:36This is something that has been discussed in the past several years,

00:40and a lot of the observers, and I think the financial markets as well,

00:44will be gauging the progress in this very important domain that we're starting to see with respect to BRICS.

00:53And then another element that I think will be important that will have a lot of attention

00:58is the expansion of BRICS.

01:00Will we see more expansion?

01:02I think we're likely to slow down going forward after the significant expansion in membership in the past several years.

01:10But this is, again, something that I think a lot of the people will be paying attention to.

01:14I mean, BRICS is often viewed, perhaps understandably, as a single entity, a single block.

01:20Does BRICS really speak with one voice?

01:23Is it that unified?

01:26Well, there is the principle of consensus, and so far the BRICS are operating on the basis,

01:34strictly on the basis of this principle.

01:36So, yes, they are making statements with one voice.

01:43But, of course, going forward, this may be increasingly difficult because of the significant expansion in membership.

01:52The heterogeneity factor is rising.

01:55The differences may be rising amongst members.

01:57So, I think it will be important going forward for the BRICS to devise mechanisms that allow for subgroups within BRICS

02:05to agree on policy issues and pursue their policy initiatives.

02:10That, again, may be one of the items discussed during this summit.

02:14And how has BRICS' expansion, these new members, changed its orientation?

02:20Well, I think, first of all, in terms of the subject matter that is discussed,

02:28I think the new members that joined the Corps of BRICS have brought their key themes, key concerns,

02:38something that, of course, expands the array of themes that are discussed within BRICS.

02:46And I think, of course, another issue that I think may be important is that some of these new members are also leaders

02:57and important economies in their respective regions of the global south.

03:03And this may lead, I think, going forward to these economies and BRICS overall starting to devise mechanisms

03:12to coordinate the views and the positions and policies, not just of individual economies,

03:18but also of regional organizations and regional integration blocks.

03:23Thank you very much.