The Potential Implications of Mongolia Joining BRICS+ Nations: A Comprehensive Analysis

Abstract

In the contemporary epoch of globalization, the expeditious growth of emerging economies is precipitating novel opportunities for transnational cooperation and investment. The establishment of regional economic cooperation and integration frameworks by nation-states is augmenting trade and investment flows, exemplified by the investment-driven collaboration among BRICS member states and contiguous countries. Mongolia, endowed with an abundance of mineral resources, is actively pursuing accelerated socio-economic development objectives and bolstering its international policy, affirming its role as a participant in regional and global development. Furthermore, this paper undertakes a comprehensive examination of the status, expectations, and potential implications of Mongolia's accession to this current ten-member organisation. Through a critical analysis of the geopolitical and economic dynamics at play, this research aims to elucidate the transformative potential of Mongolia's integration into the BRICS+ framework, and its concomitant impact on regional economic cooperation, global governance, and the nation's socio-economic trajectory. This study will, therefore, determine why Mongolia should be a new member of the BRICS+ bloc.

Keywords: BRICS+, Mongolia, macroeconomics, policy, currency

DOI: 10.7176/JEP/16-1-12

Publication date: January 30th 2025