Worldwide: Hold High The Banner Of Cooperation: A Development Path Suitable For BRICS

Last Updated: 14 July 2015
Article by Kenny Chiu

Most Read Contributor in South Africa, September 2016

On the 8th and 9th of July 2015, leaders of the BRICS member states will meet in the Russian city of Ufa for the 7th BRICS Summit.

BRICS is an association of countries with some of the fastest economic growth in the world, and includes Brazil, Russia, India, China and South Africa. They are characterised by making significant contributions to global economic development, and have served as inspiration for developing countries around the world. However, BRICS countries are currently encountering difficulties with economic development – such as China's slowdown on economic growth; the depreciation of the Russian Rouble; high inflation rates in India; social instability on the rise in Brazil; as well as labour issues in South Africa. Nevertheless, these problems can ultimately be seen as a travail in the economic development process, and can be expected with such rapid levels of growth. In order to survive this struggle, these countries need to cooperate in mutual development in order to jointly create a better future.

BRICS are defined in terms of being developing nations, and under these circumstances where it can be difficult to move either forward or backwards, development on all levels is key in removing these constraints.

Economic development is the first step, and BRICS countries must regard this as a top priority. They need to sustain a steady growth rate, accelerate the pace of reform and strengthen the ability to innovate. Reform and innovation should be utilised as the main drivers of development in order to resolve outdated ideologies, systems and mechanisms, and to increase the level of economic development. As long as these two factors remain crucial pillars within development, the growth of BRICS countries will definitely stand out in the global economic arena.

In addition, cooperation should be the unwavering ideology under which BRICS countries continue to move forward together. Although the BRICS countries are at similar stages of development, they have a wide range of opportunities that they can take advantage of. China has a broad market, strong innovative ability and a relatively strong economic foundation. Russia is rich in natural resources while India, South Africa and Brazil also have unique advantages. As long as an appropriate cooperation methodology is adopted, they will be able to achieve the result of 1+1 being greater than 2.

Accordingly, mutual political trust will need to be strengthened in order to bridge the gap between BRICS countries and reinforce cooperation in various areas such as the economy, culture, finances, communications and trade.

The next step will be to bolster this level of cooperation amongst BRICS countries in order to improve the relationships between personnel, trade, economic investment and the exchange of information to a level whereby they can develop ideas that they can eventually convert into action. By developing a new cooperation regime, efficiency can be facilitated and their dependence on western countries can be reduced. Focus areas must be determined to maximize these cooperative benefits. For example, this has already been demonstrated in the establishment of the BRICS Development Bank in 2014, which is a result of BRICS cooperation in the financial sector. To create additional opportunities in economic collaboration, this strategy should be aimed at developing infrastructure in the energy, transport and communication sectors.

Lastly, BRICS countries should engage openly with each other and intensify cooperation, but this cannot be done if the parties are narrow-minded and ring-fence themselves from developed economies when opportunities arise. In addition, cooperation with the rest of the world will be beneficial to member states so long as it does not harm the mutual interests of BRICS.

Regardless of  development or cooperation issues, the BRICS countries should always aim for a win-win outcome. This is a philosophy that China adheres to and is advocating for. Being the world's second biggest economy (although some analysts have confirmed China as the world's largest economy), and having its economic development placed at the centre of the world stage, China is key as a powerhouse to drive the BRICS countries towards success. Despite China's economic growth having slowed down, it remains  within the bounds of the rules of economic development. The Chinese economy still shows signs of new opportunities, business innovation, quality economic development, social harmony, as well as improved living standards. In future, China will be able to pass on its successful experience to other BRICS countries, strengthen its influence, and promote the development of all BRICS members. 

The future of economic development in BRICS countries is looking extremely bright, and the current difficulties faced by these countries should not deter hope. The world economy post the economic meltdown now faces a reshuffle. As America, Japan, Europe and other developed economies remain in their state of recovery and are showing signs of lag, it is likewise inevitable that the developing BRICS countries may also experience a certain degree of struggle. However, as long as they are resolute in their aims for cooperation and joint economic development under a win-win strategy, and that each country takes advantage of its potential to drive economic development, they can succeed in turning these goals into reality.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Mondaq Advice Centre (MACs)
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.