From the BRICS to the OASES: a global platform for small economies on the global stage

• Smaller economies that demonstrate effectiveness in economic policy and international mediation could have a role in global governance rather than the largest economies.
  
• The abbreviation OASES - Oriental Republic of Uruguay (ORU), Austria, Switzerland, Emirates, and Singapore – can be used to group these countries together.
• In terms of urban development and economic modernisation, OASES economies can serve as role models in their particular regions.

The dominance of the largest countries/economies in dictating the path of history and global economic development has been the dominant paradigm for decades, if not millennia. This has been reflected in the formation of projects like the BRICS (Brazil, Russia, India, China, and South Africa), the G20 (the world's 20 largest economies), and the G7 in recent decades.

But, instead of the greatest economies constituting the vanguard of global governance, what if a particular role could be granted to some of the smaller economies that display economic modernization and are active in international mediation efforts? What if we replaced the traditional quantitative approach to country platforms with a qualitative one that considers aspects like digital development and long-term viability? What if there was a gathering that was practically the polar opposite of BRICS or the G20?

The countries that make up such an alliance share the trait of being small in terms of land and population, but disproportionately powerful in terms of international politics, mediation, regional integration, and modernization. Among these countries are:

• Singapore is located in East Asia.
• Europe's Switzerland and Austria
• In the Middle East and Africa, the United Arab Emirates (UAE)
• Uruguay is a Latin American country.

These are some of the smaller countries in their respective regions with significant economic clout, reasonably good living standards and human development index (HDI), and experience mediating conflicts both within and outside their own regions. The abbreviation OASES - Oriental Republic of Uruguay (ORU), Austria, Switzerland, Emirates, and Singapore – might be used to group these countries together.

The name OASES refers to the key regional role that these countries play in the changing economic climate in their own regions as well as globally.

As a global platform for small economies, OASES was established.

The OASES grouping's main unifying element aims to bring together small but innovative and open economies from each of the world's major regions to create a global platform that prioritises sustainable development and advances best practises in economic modernization and governance.

In terms of urban development and economic modernisation, OASES economies can serve as role models in their particular regions. Almost all of the economies in the grouping include international financial centres that might operate as magnets for capital and talent — such global financial centres (all of which are in the top-50 in the world) include Singapore, Dubai, Abu-Dhabi, Zurich, Geneva, and Vienna. The presence of such international financial centres strengthens the role of OASES economies as entry points/gateways into their respective regions - Europe (EU and EFTA), the Middle East (GCC), South America (MERCOSUR), and Southeast Asia (SEASEA) (ASEAN).

In terms of digital development, OASES economies are also leaders in their respective regions. Switzerland is ranked first in Europe, followed by Singapore in Asia and the United Arab Emirates in the Middle East and Africa, with Uruguay coming in second after Chile in South America, according to Huawei's global connectivity index. Uruguay is the only economy in the world that provides free computers to every child and teacher in schools, and it was also the first Latin American country to deploy a commercial 5G mobile network.

On the basis of signing digital economic deals, there may also be possibility for developing bilateral and multilateral digital platforms incorporating the OASES economies (DEAs). Singapore is a global leader in forging such alliances across the global economy, and it is a member of all the major DEAs.

In terms of excellent environmental standards, OASES economies also do well in their respective regions. According to the Environmental Performance Index (EPI), Switzerland and Austria are among the top performers internationally and in Europe, while the United Arab Emirates and Singapore are among the top performers in the Middle East and Asia, respectively.

Small countries as global governance's missing link

Some of the tiny open economies, such as OASES, have a common feature in that they play key mediation roles not only in their particular regions, but also on a global scale. The significance of OASES in peace mediation, as well as their neutrality in international relations, may yield significant economic benefits in terms of reduced geopolitical risks and risk premia for sovereign and corporate assets traded on international markets.

OASES are also important stability anchors and some of the world's largest reserve repositories in the global economy. OASES economies account for 11.5 percent of global international reserves when combined, compared to a 0.5 percent share of global population for this group of countries. The fact that OASES economies host or are members of regional finance arrangements (RFAs) that support regional economic stability amplifies their significance in global economic stabilisation. OASES economies and urban centres are increasingly becoming the primary money management/wealth management centres in their respective areas, thanks in part to these regional and global stabilising roles.

Overall, the situation of the global economy shows that the world's greatest economies may be limited in their ability to solve the world's problems among themselves. The development of global coalitions with far-reaching objectives should not be limited to the world's biggest heavyweights; there may be key niches on the international stage where small economies can outperform big economies thanks to their agility and inventiveness. Platforms and networks among tiny economies around the world could be the missing piece in breaking the present international deadlock, which is far too focused on forming alliances based on size and quantity rather than sustainability and quality.