CHALLENGES AND PROSPECTS OF BRICS EXPANSION TOWARDS THE BLACK SEA REGION
DOI:
https://doi.org/10.18623/rvd.v22.n3.3431Keywords:
Integration Union, BRICS. BRICS+, Challenges of Joining Integration, Prospects for Cooperation with Integration, Costs and Benefits of Joining IntegrationAbstract
Under the conditions of globalization, the economies of countries have become excessively interdependent. Small, open-economy, developing countries, including Georgia, are much more dependent on the foreign economic policies pursued by states with large economies. One of the effective tools for reducing this dependence is the participation of countries with small, developing economies in such economic integrations. The study aims to identify the challenges expected in the field of BRICS expansion towards the Black Sea region. The research used methods of collecting, grouping, and analyzing materials, based on which the problems and prospects of Georgia's membership in BRICS+ integration were determined. The research identified the potential risks of Georgia's membership in BRICS, the avoidance of which will contribute to increasing the benefits that Georgia will receive from joining this integration, as well as increasing the potential for equal trade and economic cooperation with this group.
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