Tools for Stimulating Development of Cross-Border Online Business in the Interests of Strengthening the EAEU and BRICS Integration

Abstract

The formation of the international relations system is significantly influenced by the updated economic structure that requires a special scientific attention. The study is based on the methods of analysis and synthesis, political forecasting and modeling of the international relations system. The key provisions of such concepts as international integration and regionalization, international relations, and digitalization of the economy are taken into account. The article, based on a comprehensive consideration of the priority interests of the Russian Federation, proposes a comprehensive development of a practice-oriented toolkit for stimulating the development of cross-border online business in the interests of regional integration. The article illustrates the growing importance of cross-border online business in the global economy and international relations, as well as its impact on the integration of states and commercial entities at the regional and trans-regional levels. The interest of the Russian Federation in integration within the EAEU and BRICS is discussed, and measures to stimulate the development of cross-border business are proposed to achieve the goals of strengthening regional and trans-regional integration. As a result, in integration associations it is recommended to create open-type PPP (public-private partnership) projects, the implementation of which will attract resources and competencies to stimulate cross-border online business. At the level of the EAEU and BRICS, it is proposed to develop international agreements on the protection of investments in the digital environment, on the standardization of approaches to regulating the digital economy and on the recognition (unification) of digital interaction protocols. Within the framework of BRICS, it is recommended to implement a decision on the issue of a common digital currency — a secured cryptocurrency (stablecoins) tied to a basket of BRICS currencies and not a digital currency of the central bank, which will prevent a conflict of interest among regulators. To successfully implement the relevant measures, it is proposed to make proactive changes in the management of the national foreign policy. The initiatives put forward in the article to stimulate the development of cross-border business within the framework of integration associations such as the EAEU and BRICS are designed to help strengthen economic ties and increase the competitiveness of the participating countries.