BRICS nations are developing an interaction model for a single arbitration center for its members and other developing economies, executive secretary of the arbitration commission of the Association of Russian Lawyers Roman Gerakov told TASS on Tuesday.
“It is planned to create a BRICS+ single arbitration center, comprising representatives of all the nations,” Gerakov said. This initiative will be discussed by an international working group. Experts will present proposals from all the countries to develop a single arbitration standard, he added.
“This is a rather complex procedure, requiring consideration of interests and observation of public order of all countries, development of a single website, a common system and common rules or reservations referring to common rules, single recommended list of arbitrators, elements of collective governance and establishment of such centers,” the expert said.
The economic potential of Brazil, Russia, India and China (BRIC) is such that they could become among the four most dominant economies by the year 2050.
The thesis was proposed by Jim O’Neill, the global economist at Goldman Sachs. These countries encompass over 25% of the world’s land coverage and 40% of the world’s population and hold a combined GDP (PPP) of $20 trillion. On almost every scale, they would be the largest entity on the global stage.