In the international trade and development arena, new economies have created a regional bloc that is known as BRICS – Brazil, Russia, India, China and South Africa. Initially conceived to drive global change through economic growth, the financial crisis and reversal of fortunes of the BRICS nations have raised questions about their ability to have an impact on the governance of global affairs. This book explores the role of law in various areas of BRICS cooperation including: trade, investment, competition, intellectual property, energy, consumer protection, financial services, space exploration and legal education. It not only covers the specifics of each of the BRICS nations in the selected areas, but also offers innovative and forward-looking perspectives on the BRICS cooperation and their contribution to the reform of the global governance networks. This is a unique reference book suitable for academics, government officials, legal practitioners, business executives, researchers and students.

List of Figures xii
List of Tables xiii
List of Contributors xiv
Acknowledgments xxv
Introduction 1

ROSTAM J. NEUWIRTH, ALEXANDR SVETLICINII AND DENIS DE
CASTRO HALIS
1 The Enantiosis of BRICS: BRICS La[w]yers and the Difference
That They Can Make 8
ROSTAM J. NEUWIRTH

I. Introduction 8
II. A Short History 11
III. BRICS Cooperation: Past, Present and Future 13
IV. The Main Incentives for BRICS Countries’ Cooperation 17
V. Law and Aspects of the Future BRICS Agenda 20
VI. Conclusion 23
VII. References 24
2 Diversity and Intra-BRICS Trade: Patterns, Risks and
Potential 31
UMAKRISHNAN KOLLAMPARAMBIL

I. Introduction 31
II. Inter- and Intra-BRICS Diversity 33
III. Intra-BRICS Trade: Trends and Patterns 37
IV. Risks and Challenges 43
V. Trade Potential among the BRICS Countries 46
VI. Conclusion 50
VII. References 51
3 Defending Trade Multilateralism: The BRICS Countries
in the World Trade Organization’s Dispute Settlement
Mechanism 54
ALEXANDR SVETLICINII AND ZHANG JUAN JUAN

I. Introduction 54
II. Setting the Record Straight: The BRICS Countries’ Participation in the
WTO DSM 58
III. BRICS Countries’ Interaction in the WTO DSM 61
IV. The Main Directions for BRICS Countries’ Cooperation in the WTO
DSM 69
V. Conclusion 73
VI. References 74
4 The BRICS Investment Framework: Catching Up with
Trade 78
DENIS DE CASTRO HALIS AND GUILHERME VARGAS CASTILHOS

I. Introduction 78
II. Investments in BRICS and Intra-BRICS 80
III. Challenges for Foreign Investment in BRICS Countries and their
Economic Competitiveness 84
IV. Legal Frameworks for the Investment of Foreign Companies
in BRICS 89
V. Conclusion 101
VI. References 103
5 China–Africa and the BRICS: An Insight into the
Development Cooperation and Investment Policies 106
ALIOUNE BADARA THIAM

I. Introduction 106
II. The Rise of a New Group of Influence in Africa 107
III. Investing in Africa: What Makes the BRICS Unique? 117
IV. Conclusion 120
V. References 121
6 Global Fragmentation of Competition Law and BRICS:
Adaptation or Transformation? 123
ALEXANDR SVETLICINII

I. Introduction 123
II. Global Fragmentation of Competition Law and BRICS 126
III. BRICS Cooperation in the Field of Competition Law and Policy 131
IV. BRICS as an Alternative Platform for International Competition Law
Cooperation 134
V. Challenges for the Development of the ‘BRICS Way’ in Competition
Law Enforcement 138
VI. Conclusion 140
VII. References 141
7 Intellectual Property Negotiations, the BRICS Factor and the
Changing North-South Debate 148
PETER K. YU

I. Introduction 148
II. TRIPS Negotiations 151
III. TPP Negotiations 156
IV. RCEP Negotiations 164
V. Changing International Norm-Setting Environment 168
VI. Conclusion 172
VII. Acknowledgements 173
VIII.References 173
8 BRICS in the Emerging Energy Trade Debate 180
JENYA GRIGOROVA AND JULIA MOTTE BAUMVOL

I. Introduction 180
II. Setting the Stage: BRICS, Energy and the WTO 181
III. The BRICS Countries and Energy-Related Disputes within
the WTO 185
IV. The BRICS Countries and Energy Trade Negotiations within and
outside the WTO 189
V. Conclusion 195
VI. References 196
9 The BRICS Bank: On the Edge of International Economic Law
and the New Challenges of Twenty-First-Century
Capitalism 200
CHRISTIANE ITABAIANA MARTINS, LIER PIRES FERREIRA AND RICARDO BASÍLIO WEBER
I. Introduction 200
II. International Economic Law and the Contemporary
World Economy 202
III. The BRICS Bank and its Political Meaning 205
IV. BRICS New Development Bank: Challenges Ahead 209
V. Conclusion 212
VI. References 217
10 The Political Economy Challenges of Financial Regulation in
BRICS Economies: A Case Study of Capital Markets
Regulation in India 221
DEBANSHU MUKHERJEE

I. An Overview of Capital Markets Regulation in BRICS
Economies 221
II. Capital Markets Regulation in India 225
III. SEBI’s Regulatory Mandate 230
IV. Political Economy Challenges in the Indian Capital Markets 231
V. Conclusion 240
VI. References 242
11 Contract Law in the BRICS Countries: A Comparative
Approach 247
SALVATORE MANCUSO

I. Introduction 247
II. Methodologies in Comparative (Contract) Law 249
III. Terms of Comparison: The Contract Law System in the BRICS
Countries 253
IV. Terms of Comparison: Other Useful Experiences in Contract Law
Approximation 259
V. Object of the Comparison 264
VI. ‘Principles of BRICS Contract Law’ Project 265
VII. References 266
12 Consumer Protection Law in the BRICS Countries and Their
Future Cooperation 270
JIA YAO

I. Introduction 270
II. A Short History 271
III. BRICS Cooperation: Past, Present and Future 276
IV. Incentive Mechanisms of Cooperation in BRICS 278
V. Future Legal Cooperation in BRICS 282
VI. Conclusion 284
VII. References 285
13 A Dispute Resolution Centre for the BRICS? 287
FERNANDO DIAS SIMÕES

I. International Arbitration and Economic Globalization 287
II. The Proliferation and Specialization of Arbitral Institutions 288
III. A Dispute Resolution Center for the BRICS 292
IV. Prospects and Challenges 295
V. Conclusion 302
VI. References 304
14 Legal and Policy Aspects of Space Cooperation in the BRICS
Region: Inventory, Challenges and Opportunities 309
YUN ZHAO

I. Introduction 309
II. A Short History 311
III. BRICS Cooperation: Past, Present and Future 317
IV. The Main Incentives for BRICS Cooperation 322
V. Law and Aspects of the Future BRICS Agenda 325
VI. Conclusion 327
VII. References 327
15 For a BRICS Agenda on Culture and the Creative
Economy 333
LILIAN RICHIERI HANANIA AND ANTONIOS VLASSI

I. Introduction 333
II. National Cultural Policies and Measures 337
III. International Cultural Cooperation 343
IV. Conclusion 347
V. References 348
16 Making Lawyers in BRICS: Histories, Challenges and
Strategies for Legal Education Reform 352
FABIO DE SA E SILVA

I. Introduction 352
II. A Comparative History of Legal Education in BRICS: Different
Trajectories, Converging Challenges 353
III. Conclusion 365
IV. References 367
Conclusion: BRICS Lawyers as Bricklayers 371

ROSTAM J. NEUWIRTH, ALEXANDR SVETLICINII AND
DENIS DE CASTRO HALIS
Index 379