Role of Institutional Integration in Economic Integration: An Examination for India in the Framework of BRICS

Mr. Chingshubam Manimohon Singh; Prof. Nasir Ahmed Khan; Dr. Mayengbam Lalit Singh

doi:https://doi.org/10.17492/jpi.focus.v9i2.922204

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Role of Institutional Integration in Economic Integration: An Examination for India in the Framework of BRICS

Chingshubam Manimohon Singh, Nasir Ahmed Khan, Mayengbam Lalit Singh

Vol 9 , Issue 2 , July - December 2022 | Pages: 61-77 | Research Paper

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https://doi.org/10.17492/jpi.focus.v9i2.922204

Published Online: December 31, 2022

Author Details ( * ) denotes Corresponding author

1. * Chingshubam Manimohon Singh, Assistant Professor, Economics, DM College of Commerce, Dhanamanjuri University, Imphal, Manipur, India (mani.hcu@gmail.com)

2. Nasir Ahmed Khan, Professor, School of Economics, University of Hyderabad, Hyderabad, Telengana, India (drkhan58@gmail.com)

3. Mayengbam Lalit Singh, Assistant Professor, Department of Economics, Kha Manipur College, Kakching, Manipur, India (may.lalit@gmail.com)

Regionalism has been popular in the twentieth century since the post-war period. Article XXIV of GATT provides opportunities for many countries across the world to form regional economic integration. It has been witnessed that such integration yields greater trade openness and deepening of the relationships among the countries in the agreement. The present paper deals with the impact of successive summits on bilateral trade openness and the deepening of India with the members of BRICS. This paper employs sophisticated econometric tools such as Granger Causality tests to check whether institutional integration causes the economic integration of India with the other members of BRICS. Further, the paper also examines trade creation and diversion of intra BRICS trade using a partial equilibrium tool called SMART.

Keywords

GATT; BRICS; AIIB; Granger Causality Test; SMART

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