BRICS expansion: Threat or opportunity for ASEAN?
- India Quarterly
- 81(2), Jun, 2025: p.130-157
This article explores the Association of Southeast Asian Nations (ASEAN) initiatives, such as the ASEAN Free Trade Area, the ASEAN Economic Community, the ASEAN Comprehensive Investment Agreement, the ASEAN Trade in Goods Agreement and the Regional Comprehensive Economic Partnership, as well as Brazil, Russia, India, China and South Africa (BRICS) initiatives, including the New Development Bank, the Contingent Reserve Arrangement, the BRICS Business Council and the proposed BRICS payment system. The study seeks to answer three key questions: If BRICS adopts similar mechanisms and initiatives to those of ASEAN, would it become more relevant or attractive for ASEAN member states? Given that ASEAN was formed in 1967 and has taken nearly 50 years to develop its current mechanisms, structure and non-interference principle, can BRICS learn from this model to enhance its own regional cooperation and integration more effectively? What are the potential economic impacts and strategic considerations for ASEAN if more ASEAN member states join BRICS? The article concludes that while BRICS offers significant benefits and could potentially overshadow ASEAN, it is imperative for ASEAN to innovate and improve its mechanisms to remain relevant in the evolving geopolitical landscape. - Reproduced