Unlocking New Horizons in International Trade for BRICS and Other Developing Countries: Improving Living Standards

Abstract

BRICS is an informal interstate association the influence of which is based on the growing economic power of the member countries, as well as their importance as one of the main driving forces in the global economy with large population and vast natural resources. The BRICS countries are active participants of global trade with an 18% share in global exports. The article examines new prospects for foreign trade of the BRICS countries with developing countries. The authors assess the role of BRICS in the global economy and its importance in reducing poverty in developing countries, identify key factors influencing economic cooperation, and highlight development projects in these countries. The authors emphasize the role of international trade as a tool for sustainable development and increasing prosperity.