Risks to the functioning of the value chains in the context of the COVID-19 pandemic: how can the BRICS countries respond?
On May 27, 2020 Russian National Committee on BRICS Research and BRICS Russia Expert Council held the online round table, titled “Risks to the functioning of the value chains in the context of the COVID-19 pandemic: how can the BRICS countries respond?”.
The event was attended by distinguished experts from BRICS countries, including Mr. Ivan OLIVEIRA, Director of Studies and Economic Relations and International Policies of the Institute for Applied Economic Research (Brazil), Mr. Mihir SHARMA, Head of Economy and Growth Programme at Observer Research Foundation (India), Dr. Minghao SHEN, Dean of Great Bay Area Institute (China), Mr. Cyril PRINSLOO, Senior researcher at the Economic Diplomacy Programme of South African Institute of International Affairs, Dr. Alexander DANILTSEV, Director of Institute of Trade Policy at HSE University, Russia, Dr. Philani MTHEMBU, Executive Director of Institute for Global Dialogue (South Africa), and Ms. Olga PONOMAREVA, researcher at APEC Study Center (Russia).
The meeting was chaired by Dr. Victoria PANOVA, Scientific Supervisor of the BRICS Russia Expert Council, Managing Director of the National Committee for BRICS Research (Russia), and moderated by Ms. Tatyana FLEGONTOVA, Director of the APEC Study Center (Russia).
In the course of the discussion, experts pointed out the key risks of the COVID-19 pandemic and its consequences for the functioning of the GVCs. Speakers shared the BRICS countries’ experience and the best practices in dealing with the negative effects of COVID-19 and areas of cooperation and coordination within the five countries in combating the negative effects of COVID-19.
Participants of the webinar highlighted that the new technologies have led to even greater fragmentation of the production processes and so-called “third unbundling” of the production chain. At the same time, modern production is characterized by the possibility of the product’s customization. It was concluded that the implications of COVID-19 pandemic, on the one hand, may lead to the companies’ greater vulnerability to such global shocks as the pandemic of the COVID-19, on the other hand, create new opportunities for the diversification of production, supply channels, and target markets.
Video is available by following the link: https://www.youtube.com/watch?v=kzDT_5iLTHU
National Committee on BRICS Research is a non-profit academic think tank, created in 2011. The primary goal of the Committee is to promote Russia’s position and its expert assessments internationally, and to coordinate the activities of leading research organizations and experts regarding BRICS. With Russia’s Chairmanship of BRICS in 2015 and 2020, the Committee’s work has acquired special importance. The National Committee on BRICS Research is an integral part of all the main activities being conducted by the Russian Federation in the framework of its BRICS Chairmanship.
BRICS Russia Expert Council was created in 2019 to carry out scientific research, expert advisory and analytical activities within the framework of preparing and ensuring the Chairmanship of the Russian Federation in the BRICS association with the participation of the National Committee on BRICS Research on the basis of the structural subdivision of the Russian Academy of National Economy and Public Service under the President of the Russian Federation. The main purpose of the BRICS Expert Council is to organize and carry out research, create expert platforms, work out meaningful issues of ensuring the activity of Russia in the BRICS association, including within the framework of its Chairmanship in 2020, and study the strategies of developing countries and new international formats.