Editor's note: Alexandr Svetlicinii is Associate Professor of Law at the University of Macau, where he also serves as program coordinator for the Master of Law in International Business Law in English Language. The article reflects the author's opinions, and not necessarily the views of CGTN.

On November 14, the annual summit bringing together the leaders of Brazil, Russia, India, China, and South Africa in the Brazilian capital under the general theme "BRICS: economic growth for an innovative future" produced its final document – the Brasilia Declaration, which summarizes the points of consensus reached by the BRICS countries in various fields.

While BRICS annual summit declarations are traditionally lengthy documents covering a wide range of subjects, the latest highlights three specific issues of economic cooperation, which are expected to shape the BRICS economic cooperation during its second "golden decade."

ONE: Global trade governance

The BRICS leaders reiterated their continuous support for the World Trade Organization (WTO): "We remain committed to preserving and strengthening the multilateral trading system, with the World Trade Organization at its center.

It is critical that all WTO members avoid unilateral and protectionist measures, which run counter to the spirit and rules of the WTO." The latter remark was apparently addressed to the United States, which employed a range of unilateral trade-restrictive measures and blocked appointments to the WTO Appellate Body, which will make its dispute settlement mechanism dysfunctional by the end of 2019.

Since BRICS countries are not linked by any preferential trade agreement, their trade relations are governed by the rules of the WTO. BRICS nations have been active users of the WTO dispute settlement mechanism and participated in more than 60 percent of all disputes resolved through this forum.

While acting predominantly as third parties, the BRICS countries managed to coordinate and align their positions on a number of trade-related issues. Now the BRICS countries should formulate concrete proposals as to the reform of the WTO dispute settlement and rally other WTO members for support.

Chinese President Xi Jinping underscored this direction as follows: "We need to stand firm against protectionism, uphold the WTO-centered multilateral trading system, and increase the voice and influence of emerging markets and developing countries in international affairs."

TWO: Intra-BRICS trade

The BRICS leaders acknowledged that "trade expansion among BRICS members will further contribute to strengthening international trade flows."  While the conclusion or a preferential trade agreement among the BRICS countries may not be feasible at this point, the BRICS countries have actively considered various trade facilitation measures.

The BRICS leaders noted "the progress achieved by the BRICS Customs Administrations regarding the draft BRICS Customs Mutual Administrative Assistance Agreement." They also noted the importance of the implementation of the BRICS Authorized Economic Operator Program by the end of 2022.

This program will further facilitate business environment by providing mutual recognition of controls and economic operators. The BRICS leaders welcomed the completion of the BRICS Joint Trade Study Review, which should result in the formulation of new initiatives in the field of trade and investment cooperation.

In the development of trade relations, special attention has been accorded to the cooperation of the business communities of BRICS countries.

On November 13, the day before the BRICS Summit, Brazilian President Jair Bolsonaro, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Chinese President Xi Jinping and South African President Cyril Ramaphosa participated in a dialogue with the BRICS Business Council.

The Brasilia Declaration welcomes the holding of the BRICS Business Forum and the establishment of the BRICS Women Business Alliance. The BRICS leaders also noted the signing of the Memorandum of Understanding among BRICS trade and investment promotion agencies.

THREE: Investment and finance

The Brasilia Declaration outlined the directions for the New Development Bank (NDB), the sole international organization established by the BRICS countries: "The expansion of the NDB membership in accordance with its Articles of Agreement will strengthen the Bank's role as a global development finance institution and further contribute to the mobilization of resources for infrastructure and sustainable development projects in BRICS and other EMDC's."

The support for the NDB's membership extension was reiterated by South African President Cyril Ramaphosa: "South Africa supports the Bank's flexible approach to membership and the composition of the list of countries to be considered as prospective members for the first phase of expansion."

One of the recent steps in this direction was the signing of the hosting agreement between NDB and Russia concerning the establishment of the NDB Eurasian Regional Centre in Moscow.

This new regional office of the NDB will complement the existing Africa Regional Center in Johannesburg (South Africa) and Americas Regional Office in Sao Paulo (Brazil). Indian Prime Minister Narendra Modi called for the establishment of the NDB office in India: "I request that the work of establishing the regional office of the NDB in India should be completed soon. This will give a boost to projects in our priority areas."

After the prospective admission of new members, the NDB's regional offices will be responsible for preparing and monitoring the projects supported by the NDB in these countries.

In his speech at the BRICS summit, Russian President Vladimir Putin has pledged to continue strengthening BRICS financial cooperation: "Russia will work to enhance existing BRICS organizations and financial mechanisms – the new Development Bank, as well as the BRICS Pool of Conventional Currency Reserves and its macroeconomic information exchange system. We will continue to work to create a BRICS bond fund in our national currencies." This work will involve the establishment of the BRICS Local Currency Bond Fund and continuous consideration of creating an alternative international payments system.

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