Legal Assistance in the BRICS Countries: Legal Infrastructure for Mutual Investments

Law firms in BRICS countries may encounter a number of difficulties and restrictions locally, for which there is no common established practice or stable legal regulation. It is essential to identify obstacles to such cooperation that could be overcome by creating new or improving existing legal mechanisms. Throughout 2023, we saw the structure of foreign business in Russia continue to change and a growing share of BRICS partners on the Russian market. Trade and economic interaction with BRICS countries continued to intensify, and in some areas it virtually supplanted Western business. BRICS countries occupy a unique place in the global economy. Together they create roughly 25% of the world’s GDP and make up a massive global market of around 3.21 billion people (42% of the world’s population). One of the objectives of the Strategy for BRICS Economic Partnership is to consolidate efforts to overcome the crises in the economy caused by the pandemic, as well as to develop effective measures to respond to the challenges of the global economy, including countering trade restrictions. In this situation, one of the government’s top priorities is to improve legal mechanisms that aim to regulate business relations with BRICS partners and ensure the safety of foreign investments, since it directly affects the economic security of the Russian state. How are the legal mechanisms used to regulate business relations between BRICS countries changing in the current conditions? What can be done to improve them?