Intra-BRICS trade is booming, driven by the expanded BRICS+ bloc (now including energy-rich nations like Iran, UAE, Saudi Arabia) and a strong push for de-dollarization, boosting local currency settlements and new payment systems like CIPS. Key themes include diversifying supply chains, enhancing South-South cooperation, developing local payment systems (NDB, CIPS), and fostering tech/industrial integration to reduce reliance on Western markets, with total intra-bloc trade already exceeding US$1 trillion and growing significantly. Navigate the BRICS business framework. Find news on economic cooperation, the New Development Bank, and joint investment projects. Essential for businesses leveraging the powerful BRICS economic bloc.
The Russian and Indonesian Presidents are meeting in Moscow to discuss trade development, along with their respective economic and trade teams. Indonesia is a full member of BRICS, and has a Free Trade Agreement with the Eurasian Economic Union that entered into force last year. Bilateral trade is currently worth about US$4.7 billion.
The Russian Foreign Minister Sergey Lavrov has met with the Ambassadors of all of the ASEAN countries – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, in Moscow. They discussed improving Russia’s multilateral trade with the bloc as well as developing relations between ASEAN and BRICS, the Eurasian Economic Union and Shanghai Cooperation Organisation.
Russia’s Rosatom has signed an MoU with South Africa’s Nuclear Energy Corporation as regards expanding the generation capacity of its Koeberg NPP and look at developing additional NPP without the country. South Africa has the only NPP in the African continent yet is suffering from blackouts and a lack of electricity,
The Iran conflict has cut off Europe from its normal Southeast Asian aviation routes, yet Russia has been able to call on regional members of the Commonwealth of Independent States, BRICS, and the Shanghai Cooperation Organisation, as well as its new Asian diplomatic strategy, to reroute flights to the east and use Eurasian connectivity to access Southeast Asian tourist destinations. This move could ultimately open up new transport hubs in Central Asia to service these markets in problems persist in the Middle East.
Russia’s Vladivostok-based Vladmorrybport has won permission to export Pollock to Brazil with the first shipment being prepared.
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Sri Lanka has stated it is interested in joining the BRICS group as views it ‘as a platform to spur its economic growth.’
Neighbouring India is the 2026 BRICS chair and will host annual BRICS summit in late summer. It is possible Sri Lanka could be invited to become a partner nation.
Russia’s President Putin has held discussions with the leaders of Bahrain, Qatar, Saudi Arabia and the UAE concerning the immediate situation in Iran and responses to the current attacks and counterattacks going on in the Middle Eastern region.
As readers will be well aware from reports elsewhere, the United States, in conjunction with Israel, has attacked Iran. We will make some initial observations, but generally speaking will not be focusing on this conflict (as is also the case with Ukraine) for the following reasons: We can however make some initial observations as regards […]
The Future Technologies Forum has been taking place in Moscow, a premium annual event that showcases and discusses the technologies of tomorrow, the impacts these may have and how to adapt to them. President Putin usually gives the Plenary speech, a signal of how important these issues are to Russia’s development. This year’s theme was […]
A delegation from Iran’s IRISL Shipping Line has been visiting Russia’s Astrakhan region, with meetings held to discuss developing cooperation in shipbuilding and ship repair. The discussions included the Minister of Industry, Trade, and Energy of the Astrakhan region, Vitaly Shchepin; the Deputy Minister of External Relations of the Astrakhan region, Ilya Toropitsyn; the Director […]
The BRICS countries need strategic maritime cooperation in order to enhance security along global shipping lanes from Western piracy, according to Russian presidential aide Nikolay Patrushev. In recent weeks, the United States and France have seized tankers in international waters that they claim are transporting sanctioned oil, while the United Kingdom has said it will […]
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