MAN 551 Keiser University Comparison Between BRICS Nations & NAFTA Responses

Write a reply to each of the posts below. You must have 2 individual relies. Replies must be a minimum of 300 words with 2 references each.

Reply 1:

The BRICS nations is an acronym that is composed of five countries known as Brazil, Russia, India, China and South Africa. The influence of BRICS in the international arena is based on equal cooperation policy, respect to international law and traditions of other states, high creative potential, huge demographic and material resources (Luzina, Dudareva, Akhmetshin, Yankovskaya, Berdova & Emaletdinova, 2018). Each of the aforementioned countries are considered some of the fastest growing economies in the global market and provide not only an abundance in natural resources but also cheaper labor compared to their counterparts in the Western Hemisphere.

Unlike the West, the BRICS have adopted a policy of non-interference in internal affairs while pursuing specific goals or globalization strategies, in order to benefit more from the globalization (Yildirim, 2014). Their larger geographical components have allowed for better opportunities of expansion within the global market. The measures to enhance and expand mutually beneficial trade and economic partnerships within the framework of BRICS will most effectively utilize their resource, technological, and trade and economic potential (Luzina, Dudareva, Akhmetshin, Yankovskaya, Berdova & Emaletdinova, 2018).

In comparison to the North American Free Trade Agreement (NAFTA), BRICS looks to promote economic development amongst the five nation members which is facilitated due to their lack of trading restrictions. NAFTA, on the other hand, looks to reduce or abolish a large percentage of tariffs amongst Mexico, Canada and the United States which also facilitates trading practices between the aforementioned member nations (Hill & Hult, 2017). In addition, BRICS countries can produce a greater amount of goods for cheaper due to their lower cost of labor which can ultimately heighten their comparative advantage.

References:

Hill, C. W., & Hult, G. M. (2017). International Business: Competing in the Global Marketplace (11e ed.). New York, NY: McGraw-Hill Education.

Luzina, T. V., Dudareva, E. A., Akhmetshin, E. M., Yankovskaya, V. V., Berdova, Y. S., & Emaletdinova, G. E. (2018). The international and legal framework for transregionalization of trade and economic cooperation of the BRICS countries. European Research Studies, 21, 166-176. Retrieved from https://search.proquest.com/docview/2188843792?acc…

Yildirim, T. M. (2014). The rise of the brics in international relations, comparative politics and law. European Political Science: EPS, 13(4), 365-369. doi:http://dx.doi.org/10.1057/eps.2014.20

Reply 2:

The BRICS nations are a conglomeration of nations that are developing or newly developed economies. BRICS is an acronym for the nations that comprise the membership, that is Brazil, Russia, China, and South Africa. Currently, these nations contain 40% of the entire world’s population, 20% of gross world product, and 4 trillion in combined reserves (Przgoda, 2015). The BRICS nations have been some of the highest potential for economic growth, due in part to the large population and developing economies coupled with a large increase of exporting of goods and services.

The BRICS nations has several key differences from that of NAFTA and its member nations. NAFTA is comprised of three nations, the United States, Canada and Mexico and focuses on the trade amongst these three nations. Oduyemi, (2019), examines the impact of fiscal health on the economic growth of the BRICS nations, and the potential for future growth. Unlike NAFTA, or the newer USMC agreement, (United States, Mexico, and Canada), BRICS is not a trade agreement between nations but a partnership of nations focused on collective solutions and economic development (Thompson), 2017).

The BRICS partnership has been a positive tool for the development and globalization of the partner nations and has tempered the world influence of both the United States and the European Union into a more competitive world economic landscape. As an overview, BRICS, as well as its similar alliances such as IBSA, (India, Brazil, South Africa), and MINT, (Mexico, Indonesia, Nigeria, and Turkey), have created several corresponding and competitive groups of nation alliances to facilitate economic growth across the world.

References:

Przygoda, M. (2015). The Brics Nations And Their Priorities. Varazdin: Varazdin Development and Entrepreneurship Agency (VADEA). Retrieved from https://search.proquest.com/docview/1690645286?acc…

Oduyemi, G. O., Kunle, B. O., & Adekunle, I. A. (2019). Fiscal health and developmental outcomes in brics nations: New answers to old questions. Acta Universitatis Danubius.Oeconomica, 15(1) Retrieved from https://search.proquest.com/docview/2316729962?acc…

Thompson, L., & de Wet, P. T. (2017). BRICS development strategies: Exploring the meaning of BRICS ‘Community’ and ‘Collective action’ in the context of BRICS state led cooperation in south africa. Chinese Political Science Review, 2(1), 101-113. doi:http://dx.doi.org/10.1007/s41111-017-0056-0