Automatic Exchange of Information and BRICS: Why and How Does It Affect Emerging Economies?

In this article, the author canvasses the procedure by which the new international automatic exchange of information mechanism was formulated, addressing the relative roles that powerful Western states and emerging economies (represented by BRICS countries) played in it. The article argues that automatic exchange of information has become a global standard without any significant participation by the developing world. Instead, the approach has been one of “lead and follow”, which has damaged the legitimacy of the process.