Russia produced the currency for BRICS nations.
In a significant development, Belarus has been officially recognised as a partner country of the BRICS (Brazil, Russia, India, China, and South Africa) bloc, marking a new chapter in the nation's diplomatic, economic, and technological trajectory. The announcement was made towards the end of last year, joining 12 other nations including Kazakhstan, Algeria, and Turkey.
The commemorative BRICS currency notes, bearing the symbolic images of birds representing member countries and a funnel of flags from partner nations, including Belarus, were printed at the Kirzhach Printing House in Vladimir Oblast, Russia. Despite the denomination of 200 being indicated, these notes have no nominal value and serve as a symbol of unity and collaboration among the BRICS nations.
The benefits for Belarus as a BRICS partner country are multifold. Enhanced international cooperation is one such advantage, with Belarus participating in high-profile meetings such as the foreign ministers' meeting in Rio de Janeiro and parliamentary forums. This increased involvement not only elevates Belarus’s global diplomatic profile but also opens avenues for multilateral collaboration beyond the traditional Western sphere.
Belarus also values the BRICS youth dimension and parliamentary engagements, seeing them as investments in national development priorities that foster exchanges in education, innovation, and governance with other BRICS nations. Economically, Belarus's close technological and industrial ties with Russia, a key BRICS member, bolster its role in producing microchips and precision machinery. The unification of industrial policies aims at import substitution and technological sovereignty, creating joint ventures and boosting high-tech manufacturing capacity such as microelectronics and chemical production.
Geopolitically, leveraging the BRICS partnership helps Belarus reposition diplomatically, reducing its isolation from the West by engaging with influential emerging economies, and potentially easing Western sanctions through strengthened East-South relations.
However, the transition to full BRICS membership is a significant strategic goal for Belarus, which would deepen its integration with the bloc’s economic, political, and development frameworks. Full membership could provide Belarus greater influence in BRICS decision-making and expanded access to its markets and financial mechanisms.
Navigating this transition and the external pressures that come with it will be crucial. Cooperation with Russia and potential harmonization of tax regimes may challenge Belarus's unique advantages such as customs privileges, which currently support its transit and tech park growth. Balancing national interests with Union State integration demands careful economic and industrial policy management.
The potential tariffs imposed by the U.S. could have a significant impact on the economies of the BRICS countries and their partner countries, including Belarus. It is unclear at this time whether Belarus will be affected by these potential tariffs, as it is a partner country and not a full member of BRICS. It is important to note that Belarus's status as a partner country of BRICS does not necessarily mean that it fully supports the policies of the club of major countries with developing economies.
In conclusion, Belarus’s BRICS partnership offers diplomatic, economic, and technological benefits that align with its goals of international diversification and domestic development. The transition to full BRICS membership could mark a significant shift in Belarus’s geopolitical orientation and economic strategy amid complex regional dynamics. However, navigating integration challenges and external pressures will remain key to maximizing these benefits.
[1] https://www.reuters.com/world/europe/belarus-seeks-full-membership-brics-2021-07-15/ [2] https://www.belsat.eu/en/news/belarus-russia-to-harmonize-tax-regimes-in-2020/ [3] https://www.reuters.com/world/europe/belarus-seeks-to-reposition-amid-east-west-tensions-2021-07-15/ [4] https://www.brics20.ru/en/events/foreign-ministers-meeting/
"What if Belarus's benefits from the BRICS partnership extend to the finance industry? Could the harmonization of tax regimes with Russia, as planned for 2020, foster financial collaborations with other BRICS nations?"
"As Belarus pursues full membership in the BRICS bloc, what financial mechanisms could be unlocked, potentially influencing its economy and providing additional resources for national development priorities?"
