An Integrated Approach to Assessing the Effectiveness of BRICS Expansion in the context of Deepening Trade and Economic Cooperation of its Participating Countries

This paper presents the possibility of applying an integrated approach to assessing the effectiveness of BRICS expansion in the context of deepening trade and economic cooperation between its member countries, the use of which is based on the following elements: geopolitical influence; economic potential; trade and economic benefi ts; geo-economic competition. The analysis conducted within the framework of this paper yielded the following results: 1. An integrated approach to assessing the effectiveness of BRICS expansion for the implementation of trade and economic cooperation between its member countries is determined by the analysis of various indicators that can influence the successful functioning of this integration grouping. 2. It was revealed that the implementation of an integrated approach to assessing the effectiveness of expansion (or functioning) of any trade union or integration grouping includes the following stages: analysis of the economic potential of each BRICS member country, including its domestic market, resources, infrastructure and innovation; assessment of the effectiveness of foreign trade of each BRICS member country with other states, taking into account the volume of trade turnover, investment, as well as technological exchange and tourism; analysis of the level of political stability of the country, including the level of institutional support for the BRICS member countries. 3. It is necessary to take into account socio-cultural aspects in assessing the effectiveness of BRICS expansion. At the same time, a quantitative description of the interconnected qualitative assessment parameters and the choice of appropriate analysis tools can become the subject of a large-scale study, the novelty of which is revealed in the updated composition of the association and the assessment of its potential, taking into account the influence of the above factors, which are also elements of the future model. 4. It is argued that the prospects for the implementation of trade and economic cooperation between the BRICS member countries lie in strengthening trade ties, developing cooperation in the fi eld of innovation and technology, forming cross-border partnerships, developing the digital economy and increasing investment. 5. An increase in the number of BRICS member countries should lead to an increase in trade turnover and be a significant mechanism in the context of the transformation of international relations.