BRICS Countries Financial Cooperation Strategy

Since2001, American company, Goldman Sachs, Jim O’Neil put forward the concept of "BRIC", and in2010South Africa has applied to join the BRIC countries, that was the time when "BRICS"(Brazil, Russia, India, China, South Africa), was officially formed. There are many common interests between BRICS countries, with strong economic complementarities. The cooperation’s field is very vast. Recent cooperation has also resulted in substantial progress between countries. Since the financial crisis of2008, the economies of many countries were heavily impacted this has led to government’s awareness to the importance and urgency in promoting cooperation within their financial sectors. But BRICS as a leader of emerging markets, as not only the international rebalance force huge players, but also acceleration for the development of the global multi polarization. Therefore, to deepen the financial cooperation between the BRICS is not only necessary, but also of profound significance.Hence, this thesis mainly explores the definition of BRICS countries concept; development status, specific features of their financial cooperation mechanism and it’s motivating and restricting factors; the future development strategy and the Russian strategical choice of BRICS financial cooperation.The structure of the thesis consists of six parts. The first part is an introduction, based on the definition of the concept of the BRICS countries and the introduction of global financial governance. The financial mechanisms for international cooperation on the existing research on a simple analysis with comments, research methods and content with a brief overview of deficiency. The second part is the development status and characteristics of BRICS financial cooperation, focusing on the development process of their financial cooperation, cooperation mechanism results and characteristics of the analysis. The third part is regarding financial cooperation’s motivation and obstacles of the development. The main motivation is analyzed by internal and external factors. The fourth part of the BRICS cooperation mechanism is concerning the deeper promotion of financial strategic development, mainly from direct measures (i.e. the financial sector) and indirect measures (i.e. other economic sectors, the political sphere and cultural fields and other fields) proposed two strategies accordingly. The fifth part of the work is the Russian strategic choice in BRICS financial cooperation. The sixth part of the paper concludes by the fact that the BRICS countries financial cooperation mechanism is of worldwide importance, and also necessary as it is significant.The writer who is a foreign student from Russia, has invested past the three years of study and research input to achieve the completion of this thesis in the hope of creating a burgeoning interest in the establishment of BRICS countries cooperation strategies with an increased proactive participation from Russia.