Thesis (Ph.D.) - Cairo University - Faculty of Economics and Political Science - Department of Political Science

The relocation of emerging powers towards the core of global governance raises important signs about the possibilities for a multipolar and post-hegemonic global order. This thesis analyses the role of emerging powers in the global trading system and highlights the negotiating positions of emerging powers after the outbreak of the global economic crisis and shifting competitive advantage from The West to the East. Since 2008, BRICS and other emerging economies have been critical drivers of global economic growth. They remain the locomotive of the economic growth, delivering more than 60% of all global growth in 2008 with the funding of this growth not dependent on foreign sources of capital. O{u2019}Neill estimates that the combined GDP of BRICS economies would be as large as that of G7 by 2032. It is projected by 2050 that the emerging market economies will account for almost 80 percent of global output, with the BRICS members alone making up 44 percent of global GDP (O{u2019}Neill 2009). Hence, BRICS economies would be wealthier than most of current developed countries. In the next few decades emerging blocks is likely to replace the present G-7. The emerging markets are rapidly becoming sources of capital funding for the developed world. The key large emerging markets have all moved from being net external debtors to net external creditors over the last few years (Woutersand Kerckhoven 2017).The majority of them have eliminated their current account deficits, strengthened their foreign exchange reserves and boosted their fiscal positions

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