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THEORY and PRACTICES of ECONOMIC REGIONALISM: a CASE STUDY of BRICS Ashameem .C C., Bk

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THEORY and PRACTICES of ECONOMIC REGIONALISM: a CASE STUDY of BRICS Ashameem .C C., Bk J. S. Asian Stud. 06 (01) 2018. 33-50 Available Online at ESci Journals Journal of South Asian Studies ISSN: 2307-4000 (Online), 2308-7846 (Print) http://www.escijournals.net/JSAS THEORY AND PRACTICES OF ECONOMIC REGIONALISM: A CASE STUDY OF BRICS aShameem .C C., bK. Jayaprasad ab Department of International Relations & Politics, Central University of Kerala, Kasaragod, India. A B S T R A C T The BRICS is the new platform which enhances trade creates space in their regionalism process. This study is more relevant in the modern scenario, especially in the era of geographical conflicts between nation-states. This study fills the existing knowledge gap as regionalism versus multilateralism. The major argument of this study is that geographical proximity does not much influence regional integration but concerns and mutual interest are more effective factors. This study analyzes the theory and practices of economic regionalism working in the context of BRICS. Keywords: BRICS, Economic regionalism, Economic interdependence, Political interdependence, Regional integration, Political interdependence. INTRODUCTION suitable for explaining and observing this new In a highly interdependent and globalized era, economic dimension of economic regionalism. This novel outlook regionalism propagates the implementation of on regionalism has been adopted by various institutional arrangements designed to facilitate the free organizations such as the Trans-Pacific Partnership flow of goods and services and coordinates foreign (TPP), Asia Pacific Economic Cooperation (APEC), and economic policies among countries in the same Regional Comprehensive Economic Partnership (RCEP). geographic i or non-geographic region. ii Physical and The current global setting validates that trade relations geographical proximity is often seen as a reason for have an upper hand in maintaining convivial relations conflict among countries which can be drastically when compared to geographical and physical resolved by the formation of economic ties. The strong similarities. economic relationships among countries reduce the Joseph Nye argued that integration could be studied in chance of conflict, creating a peaceful global atmosphere multi-dimensional terms. In general, regionalism could possible. This notion is based on the proposition that be defined as preferential cooperation among nations ‘trade creates space’, on which the study evolves. that are relocated in terms of geographical proximity, The theoretical contributions of Earnst Haas (1975) and with certain common characteristics such as historical, Jacob Vinner (1950) were influential in deriving the cultural, political, and so forth. The objective of research problem. Major studies in this area have been cooperation might be economic, political, or cultural in undertaken on the changing patterns of intra-regional as nature (Nye, 1968). In this context, the economic opposed to an inter-regional trade to determine the rate regionalism is considered more autonomous, outward- of regionalization. The BRIC Association, which started oriented, comprehensive and multi-dimensional process in 2009, and became BRICS with the joining of South which included trade and economic integration, Africa in 2010, is taken as a case study to examine the environment, social policy issues relating to security and variables. The BRICS is a platform aiming for both democracy, where the nation-states and other actors political (short-term) as well as economic (long-term) played an important role. The economic regionalism alliances within a multilateral system, which makes it firstly promoted the necessary structural and economic * Corresponding Author: reforms at the national level, and secondly encouraged Email ID: [email protected] development at the multilateral level. The economic © 2018 ESci Journals Publishing. All rights reserved. regionalism, especially bilateral (between only two 33 J. S. Asian Stud. 06 (01) 2018. 33-50 nations) and bi-regional (between a Regional Trading economic integration less importance to physical Agreement (RTA) and another country or group of borders. Under the new dimension of economic countries) agreements, did not tend to form trade blocks regionalism, the intra-regional trade relations play a as they were usually trans-regional in nature and pivotal role to measure the level of economic integration intended to diversify trade relations among the large or interdependence with each other. The BRICS is a fine number of countries (Baldwin, 1993; Lombaerde & example of explaining this new dimension of economic Garay, 2006; Ranjan et al., 2007; Lama, 2005; Spindler, regionalism (regionalism lesser importance on physical 2002). According to Lombaerde and Langenhove (2005), borders) where BRICS’s intra-regional trade relations regional integration is a worldwide phenomenon of become the binding factor towards its economic territorial systems that increase the interactions integration and independence. The existing literature is between their components and create new forms of focused on the economic integration of the five emerging organization, co-existing with traditional forms of state- countries, for example, related to intra-BRICS trade led organization at the national level. (Chatterjee, Jena, & Singh, 2014; Sharma & Kallummal, The BRICS is such an organization that emerged into an 2012) and FDI policy (Mlachila & Takebe, 2011). important platform for cooperation among emerging Developed by (Balassa, 2013), the economic integration markets and developing countries. BRICS countries theory (EIT) assumes that increasing globalization and come from Asia, Africa, East Europe, and Latin America technological progress leads to freer trade and and all are members of G20. Together they account for movement of economic factors as well as to deeper 26.46% of world land area, 42.5% of world population, integration over time.iv It shows that physical border is 13.24% of World Bank voting power and 14.91% of IMF no longer a criterion for economic interdependence and quota shares. According to IMF’s estimates, BRICS integration within a group while the concerns and countries generated 22.53% of world GDP in 2015 and common interests form important factors for a new have contributed to more than 50% of world economic dimension of economic regionalism. growth during past 10 years. The concept of economic regionalism is defined as an The post-liberalized international system has adopted empirically observable process of increasing cross- new dimensions of regionalism and the concept of ‘trade border activities, cooperation and coordination within a creating geography or space’ is becoming prominent. group of countries through integration. Originally, the The concept of economic regionalism is a very important concept of economic regionalism has been based on phenomenon in the contemporary global economic economic cooperation between natural partners system (Cai, 2010). Economic interdependence and (neighbouring countries or countries on the same economic integration among nation-states are of continent). But since technological progress reduced significance since the post-Cold War era, from where the transaction costs, intercontinental and global economic expansion of the concept of economic regionalism integration has become important in recent decades. happened. The concept of economic regionalism focuses Geographical distance may stay important for trade on an institutional arrangement designed to facilitate the flows, but intercontinental relations of emerging free flow of goods and services and to coordinate foreign countries record a steady rise in trade relations (Gil- economic policies between countries. iii It is also Pareja et al., 2012). Five countries show an increasing characterized by FDI flows, migration, trade relations range of economic interdependence, e.g. the inter- and cross-border relations. Growing economic continental BRICS trade increases by more than 1400 dependence among countries is another feature through percent. It seems that the economic integration process which peace and prosperity are brought as they function and the development of national power go hand in hand based on mutual interests. in the case of BRICS. This empirical evidence rejects the The expansion of trade liberalization influenced a new old concept of economic regionalism based on dimension of economic regionalism which supports the geographical proximity of member countries. The five concept of regionalism without a common physical BRICS countries are located in different regions like border in the post-Cold War era. Moreover, migration Latin America, Africa, Asia, South Asia, and Eurasia. If flows, FDI flows, cross-border trade and multinational geographical proximity were important, an increase in companies have substantiated the new concept of inter-continental BRICS trade by more than 1400 34 J. S. Asian Stud. 06 (01) 2018. 33-50 percent would not have been possible. It clearly the 19th century, in particular, one can point to the idea supports the argument put forward by the study that of regional integration is not a new phenomenon (Mattli, trade creates geography which expands the concept of 1992). While such unions flourished among European economic regionalism. states, in America’s inter American system, within it root The planned FTA between the US and the EU in the late 19th century provides evidence of a set of (Transatlantic Trade and Investment Partnership semi-formal or non- European institutions.
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