Keukeleire and De Bruyn 2017 Chapter 18: The European Union, the BRICS, and Other Emerging Powers

Vocabulary flashcards covering the economic, political, and multilateral relationships between the European Union, the BRICS nations, and other rising global powers.

BRICS

An acronym launched in $2001$ by Goldman Sachs to highlight the economic potential of Brazil, Russia, India, and China; since $2010$, it also includes South Africa as a transformational force in global governance.

New Development Bank (NDB)

A financial institution created at the $6\text{th}$ BRICS summit in Brasília in $2014$ with a capital of $100$ billion and headquarters in Shanghai, intended as an alternative to the World Bank and IMF.

CIVETS

An acronym for a group of emerging economies consisting of Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa.

MINT

An acronym for the emerging economies of Mexico, Indonesia, Nigeria, and Turkey.

One Belt, One Road

A Chinese initiative consisting of the Silk Road Economic Belt and the $21\text{st}$ century Maritime Silk Road, aimed at establishing new trade, development, and cooperation frameworks.

Strategic Partnership

A political agreement used by the EU to strengthen relations with global or regional powers, often criticized as a 'rhetorical façade' that lacks well-formulated strategies or purposeful common actions.

Partnership and Cooperation Agreements (PCAs)

Legal frameworks providing the basis for EU cooperation with third countries, transitionally evolving from trade-focused agreements to broader political and economic equality.

Asian Infrastructure Investment Bank (AIIB)

A China-led multilateral financial institution launched to fund infrastructure projects, which many individual EU member states joined as founding members in $2015$.

Effective Multilateralism

An EU doctrine for global governance based on three elements: legally binding treaties, a preference for the UN system, and a belief that coordination does not inherently assault national sovereignty.

BASIC

A multilateral grouping formed in $2009$ consisting of Brazil, South Africa, India, and China specifically to collaborate on climate change issues.

IBSA

A multilateral grouping consisting of the three democratic BRICS countries: India, Brazil, and South Africa.

Shanghai Cooperation Organization (SCO)

An international forum including Russia, China, Kazakhstan, Uzbekistan, Tajikistan, and Kyrgyzstan, which recently added India and Pakistan.

Cotonou Agreement

A $2000$ agreement between the EU and $79$ African, Caribbean, and Pacific (ACP) Group of States that succeeded the Lomé Conventions but excluded large Asian developing countries like India.

Structural Power

The power to influence the political, socio-economic, legal, and other structures of third countries and third regions.

Relational Power

A perspective of international power that focuses on hard power such as coercion, crises, and conflicts.

South-South (Development) Cooperation

A development approach used by emerging powers that emphasizes mutual benefits, solidarity, non-interference, and the absence of conditions based on their own development experiences.

EU Naval Force Atalanta

An EU Common Security and Defence Policy operation deployed for anti-piracy in the Gulf of Aden and Western Indian Ocean.

Chiang Mai Initiative

A multilateral currency swap arrangement launched in $2010$ as part of the ASEAN$+3$ process including China, Japan, and Korea.

Trans-Pacific Partnership (TPP)

An American-led free trade agreement signed in $2016$ including $12$ countries but excluding China, designed to counter Chinese economic influence.

Regional Comprehensive Economic Partnership (RCEP)

A Chinese-supported trade initiative intended to include the ten ASEAN countries and the six states with which ASEAN has existing free trade agreements.