XIII Annual Conference on the World Economy 'BRICS and Rethinking the Global Economic Order'

Opening remarks:

Moderator: Igor Makarov – head, School of World Economy, HSE University (Russia)

Honorary guest:  Anastasia Likhacheva – dean, Faculty of World Economy and International Affairs, HSE University (Russia)

Session 1: "Defenders of Globalization: BRICS in the Era of Economic Wars" 

Countries that were previously the main advocates of globalization are now destroying it. Western sanctions and tariffs imposed by the United States on an unprecedented scale have disrupted international trade. It has shown a high degree of resilience so far, and the most pessimistic predictions about a decrease in global trade have not come true. However, trade barriers have significantly increased uncertainty in the global economy, leading to a major shift in trade flows and forcing companies around the world to revise their supply chains and international expansion strategies. The BRICS nations have been at the center of these events, with Russia and Iran being the main targets of sanctions, China bearing the brunt of a trade war that started by Donald Trump's first presidential administration, and Brazil, India, and South Africa among the countries receiving the highest tariffs rates from the United States in 2025. The BRICS countries share a common goal of confronting-imposed barriers and recently, there has been a growing desire to develop a united response to the weaponization of international trade.

Main issues for discussion:

• What could be a joint response from the BRICS countries in the face of imposed trade barriers?

• Could trade liberalization within the BRICS be a possible solution? Would it benefit all member countries?

• Is there a way to overcome the era of trade wars amid geopolitical turbulence and the crisis of the World Trade Organization?

Moderator: Vladimir Zuev – head of the Department of Trade Policy, HSE University (Russia)
Presenters:
Alexander Knobel – director, Institute of World Economics and Finance, Russian Foreign Trade Academy (Russia)
Andrey Gnidchenko – senior expert, Center for Macroeconomic Analysis and Short-term Forecasting (Russia)
Gülbin Şahinbeyoğlu – executive director, TEPAV (Turkey)
Ivan Decyatnikov – associate professor, School of World Economy, HSE University (Russia)
Anish Gupta – associate professor, Delhi School of Economics, University of Delhi (India) 
Alexander Zaytsev – head, Centre for Comprehensive European and International Studies (CCEIS), HSE University (Russia)

Conducted with the support of the project "Approaches to an Alternative International Financial System" International Academic Cooperation (IAC) Higher School of Economics

The dominance of the dollar in the international financial system has been an "exorbitant privilege" for the United States for the past 80 years. Today, the dollar remains the main international currency, but discussions about the future of this role have intensified in recent years. This is partly due to geopolitical tensions, particularly the freezing of Russian foreign exchange reserves, that has demonstrated the vulnerability of excessive reliance on the dollar by central banks. Partly – due to integration of digital technologies in international finance that has allowed for the use of new settlement tools.

Developing an alternative financial and settlement system is a key issue on the BRICS agenda, with general agreement on its necessity, but lack of consensus among member countries on the mechanisms for implementation.

Main issues for discussion:

•    Is it possible to conclude that the process of dedollarization is underway in the world? Are there alternatives to the US dollar as a reserve asset and payment instrument?

•    What opportunities do the BRICS countries have to accelerate their transition away from the dollar and how interested are they in this? 

•    Is a coordinated approach to this issue within the BRICS feasible?

Moderator: Aleksandra Morozkina – associate professor, Faculty of World Economy and International Affairs, HSE University (Russia)
Presenters:

• Anastasia Podrugina – head, Group for Structural Issues in the World Economy, Centre for Comprehensive European and International Studies (CCEIS), HSE University (Russia) 
• Luciana Da Silva – researcher, senior advisor to the President, Institute of Applied Economic Research (Ipea, Brazil)
• Alexey Ponomarenko – professor, Basic Department of the Bank of Russia at the Higher School of Economics (Russia) 
• Ravinder Rena – professor of Economics, School of Business, assistant Dean for International Relations Woxsen University (South Africa)
• Marcel Salikhov – director, Centre for Economic Expert Analysis, HSE University (Russia)  
• Mariam Voskanyan – chair of Economics and Finance, Russian - Armenian university (Armenia)
• Bruno De Conti – associate professor, University of Campinas (Brazil)

n 2030, the deadline for implementing the Sustainable Development Goals (SDGs) adopted by the United Nations in 2015 will expire. It is already clear that many of these goals will not be achieved, and there has been even a regression in some areas. The official launch of the post-2030 sustainable development agenda has not yet taken place, but discussions among academics and experts on this topic have begun.
These discussions concern not only the content of the new goals, if any, but also the mechanisms for achieving them, including ways to finance sustainable development. While BRICS countries have not been fully involved in these discussions, ideas are being proposed regarding individual aspects of sustainable development such as poverty reduction, energy, environmental protection, and climate change.

Main issues for discussion:
•    Does the world need new Sustainable Development Goals after 2030? How can we ensure that these goals are fulfilled, unlike the previous ones?
•    Are the BRICS countries ready to come up with their own initiatives on the further development of the sustainable development agenda?
•    What role can the New BRICS Development Bank play in creating new financing mechanisms for sustainable development?

Moderator: Natalia Ivanova – academician, head of Research, Science and Innovation Department, IMEMO (Russia)
Presenters:
Leonid Grigoryev – academic supervisor, School of World Economy, HSE University (Russia)
Sergey Bobylev – head, Environmental Economics Department, Economic Faculty, MSU (Russia)
Oksana Sinyavskaya – deputy director, Institute of Social Policy, HSE University (Russia)
Hamza Saoudi – senior economist, Policy Center for the New South (Morocco)
Nodira Abdunazarova – chief specialist, the Project on Macroeconomic Policy and Analysis of the Institute of Macroeconomic and Regional Studies (Uzbekistan)
Kazi Sohag – associate professor, Graduate School of Management at Saint Petersburg University (Russia)
 

To date, global efforts to address climate change have been unsuccessful. Every year, new temperature records are broken, and greenhouse gas emissions continue to rise worldwide. The chances of achieving the goals of 1.5 or even 2 degrees are becoming increasingly unlikely. The United States' withdrawal from the Paris Agreement has only exacerbated the situation.
The key issue of financing the energy transition remains unresolved, particularly with regard to the mechanisms for moving "from billions to trillions". The BRICS countries, which account for more than half of global greenhouse gas emissions, have become leaders in coping with climate change in recent years. This stems even from the fact that three of the last four UNFCCC conferences have been held within the BRICS. Climate cooperation among BRICS countries has intensified, and they are demonstrating the highest adoption rates for all key types of low-carbon technologies globally. They see the idea of a just energy transition as the foundation of global low-carbon development, which takes into account the needs and interests of vulnerable communities, regions, and countries. 

Main issues for discussion:
What were the main outcomes of COP30, and to what extent did the Belém Conference bring the world closer to achieving the goals of the Paris Agreement?
What is a "just energy transition", and is it possible to achieve a common approach to this issue among BRICS countries?
In which areas can climate cooperation take place within BRICS, and will its members ever be able to present a unified front in climate negotiations?Moderator: Irina Gaida – deputy director of the Skoltech Energy Transition and ESG Project Center (Russia)
Presenters:
Igor Makarov – head, School of World Economy, HSE University (Russia)
Ke Wang – deputy dean, School of Ecology and Environment of the Chinese People's University (China)
Anastasia Shirokograd – advisor of the Department of international cooperation, Russian Energy Agency by the Ministry of Energy of the Russian Federation
Chandra Lal Pandey – associate Professor, Department of Development Studies, Kathmandu University (Nepal)
Alexander Kurdin – deputy dean for research, Economic Faculty, MSU (Russia)
Sedat Alatas – researcher, Aydın Adnan Menderes University (Turkey)

Session 1: “Sectoral and Country-specific approaches to Sustainable Development”

Moderator: Jonathan Yen Kai Feng – Master of Special Operations and Irregular Warfare, UNSW Canberra

Presenters:

• Elizaveta Smolovik – Revisiting the Nationally Determined Contributions of BRICS Countries: Ambition and Prospects for Achieving SDG 13 Beyond 2030, HSE University (Russia)
• Md. Monirul Islam – Financial Inclusion and Russian Oil and Mineral Exports to India and China: Does Government Effectiveness Mitigate Price and Strategic Rivalry Risks? Ural Federal University (Russia)
• Wenrui Zhang – A system for evaluating countries' performance in achieving the SDGs: taking the BRICS+ countries as an example, HSE University (Russia)
• Sofia Polevaia – Transformation of the Russian Energy System in the context of the Global Energy Transition (2015–2024), HSE University (Russia)
• Egor Muravev – Trade in low carbon technologies among BRICS countries: barriers and liberalization pathways, HSE University (Russia)
• Mansur Zhamal Hassan – Water-Energy Nexus as a Foundation for a Just Green Transition: A Comparative Analysis of BRICS-Driven Strategies in Egypt and the UAE, The Patrice Lumumba Peoples' Friendship University of Russia (RUDN) (Russia)

Session 2: “BRICS and the Evolution of International Financial Governance: A Macroeconomic Outlook”

Moderator: Alexandr Dontsov  - Research Fellow, Faculty of World Economy and International Affairs, HSE University (Russia)

Presenters:

• Violetta Romanova – The Architecture of De-dollarization: A Novel Index for Evaluating Institutional Readiness for Local Currency Use, HSE University (Russia)
• Ekaterina Bakhmeteva – Comparative Analysis of Foreign Reserve Management Policies in BRICS Central Banks, HSE University (Russia)
• Sidra Nazir – Economic Integration in a Fragmented World: How BRICS Cooperation Facilitates Russia’s Export Transformation, Ural Federal University (Russia)
• Eugenia Danilova – BRICS national currency settlements: Bridging the gap between theory and practice, The Diplomatic Academy of the Russian Foreign Ministry (Russia)
• Julieta Tumasian – Determinants of financial literacy: case of CIS countries, Russian - Armenian University, RAU