Russia in BRICS: the potential in industrial cooperation

Abstract

Close cooperation with the BRICS countries are always in line with the challenges facing the Russian economy. The relevance of this trend has intensified due to the complex geopolitical situation and to sanctions imposed against Russia from Western countries and the United States; such sanctions could not but entail the strengthening of the development of Asian, Latin American and African directions of Russia’s foreign economic cooperation. At the same time, the process of unification of BRICS countries have its contradictions and problems. Based on the evaluation of the major trends of economic development of the BRICS countries, the characteristics of the state of their industry, transport infrastructure and foreign trade it is disclosed that BRICS countries bear prerequisites for the development of further cooperation. Highlighted are main areas of possible technical, scientific, innovative and industrial cooperation, promoting BRICS international competitiveness.