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 formation of a nine-country ‘Hague Group’ to challenge perceived Western manipulation of the International Court of Justice (ICJ) and the International Criminal Court (ICC) has gone largely unnoticed but is another collective effort to hit back as what they describe as defiance of ICJ orders and attempts by US Congress to hit the ICC […]
The United States President, Donald Trump, has stated on his social media account that he intends to place 100% tariffs on all imports into the United States from BRICS countries if they discontinue using the US dollar in their multilateral trade relations and revert to using their own currencies. In this article we examine the […]
Russian Deputy Prime Minister Dmitry Patrushev met with Algerian President Abdelmadjid Tebboune on Wednesday (January 29) to discuss the increasing bilateral cooperation between the two countries. The talks, aimed at boosting ties in several sectors, including finance, energy, and agriculture, are part of Patrushev’s working visit to Algiers. The meeting came on the same day […]
Russia’s VTB bank plans to expand its services geography in providing international transfers in national currencies during 2025 by adding new countries in Africa, Latin America and Southeast Asia, the Russian state bank’s deputy CEO, Georgy Gorshkov has stated. VTB’s retail customers made 2.1 million transfers in the currencies of friendly countries in 2024, six […]
The Venezuelan President, Nicolas Maduro, has stated that Venezuela is a part of BRICS and the path to join the BRICS group is being cleared. He was speaking during an interview with Brazilian journalist Breno Altman, broadcast by Venezolana de Television TV channel. Brazil had previously blocked Venezuela from joining due to concerns about the […]
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US stocks lost over US$1 trillion overnight (January 27) as China’s High Flyer, a Hedge Fund in Hangzhou, launched its Chinese chatbot, named ‘Deepseek’. The app appears to offer the same facilities as the US developed OpenAI and its ChatGPT tool, and the same performance but with fewer resources. Deepseek has already overtaken ChatGPT as […]
Russian President Vladimir Putin has been holding talks with Egyptian president Abdel Fattah el-Sisi, to discuss the Israel-Hamas truce, Syria, and collaborations such as the El Dabaa Nuclear Power Plant joint venture. The two leaders talked about the Palestinian-Israeli conflict, particularly in light of the recent agreement reached between Israel and Hamas, which includes a […]
Chelyabinsk Electric Equipment Plant LLC (CEEP), a major manufacturer of electrical switchgear equipment in the Urals, is discussing the possibility of setting up assembly production in South Africa, the company has stated. Like Russia, South Africa is a member of BRICS. CEEP’s statement reads “From January 15 to 17, a delegation from CEEP led by […]
Saudi Arabia’s Economy and Planning Minister, Faisal bin Fadhil Al-Ibrahim, has said that Riyadh has not made the final decision to join BRICS and is still assessing its possible membership in the group, saying “The kingdom is always focusing on fostering more global dialogue.” He made the comments at the World Economic Forum in Davos, […]
The Russian President, Vladimir Putin, has been discussing the development of a natural gas pipeline from Russia to Iran, stating that while the project will be implemented despite some difficulties, it will go ahead. Putin was speaking following talks with Iranian President Masoud Pezeshkian in Moscow on Friday (January 17). Putin said that “Speaking of […]
Russia’s VTB bank plans to open a full-fledged subsidiary bank in Iran by the end of 2025, the bank’s President and Board Chairman Andrei Kostin has stated. VTB opened a representative office in Iran in 2023. Kostin said that “We plan to open a full-service bank by the end of this year. VTB will be […]
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