Comparative Analysis of EU and BRICS – are They Real Rivals in the Current Geopolitical Context?
Comparative Analysis of EU and BRICS – are They Real Rivals in the Current Geopolitical Context?

Author(s): Kaloyan Simeonov, Branimir Stanimirov
Subject(s): Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, International relations/trade, Socio-Economic Research, Geopolitics
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: geoeconomics; currency stability; global rivalry; geopolitical competition
Summary/Abstract: The last decades marked an increased geoeconomic competition between global trade blocs and geoeconomic actors. The European Union (EU) and BRICS have been among the most important actors in thе evolving international context and in the process of deepening the existing global rivalries. Both blocs are similar in their quest for global influence. However, they differ in terms of their political nature, level of economic integration, geographical coherence and decision-making processes. This paper seeks to provide an analysis of the political-institutional structures, global competitiveness, and economic effectiveness of the EU and the BRICS as geoeconomic actors. By building on existing studies of political actorness, and by examining key indicators of rule of law quality, levels of corruption, innovation, economic freedom, social progress, this article identifies the specificities inherent in each bloc’s approach to geoeconomic dominance. The paper argues that there is a significant level of rivalry between the two blocs and, while both have their own challenges, the EU is more likely to successfully deal with the complexities of the global economy, although BRICS are becoming increasingly assertive, which makes the competition between the blocs much more complex than it is traditionally assumed.

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