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.
Contracts from international financial organizations will appear on the Russian government procurement website. These include projects being tendered for by several international banks that Russia holds equity and invests in, including the New Development Bank (NDB – formally known as the BRICS Development Bank). The NDB plans to unfreeze investments in Russia — money that […]
A symbol, as well as being representative of Russia’s move to replace previously EU manufactured imported products with products of Russian origin is Russia’s viniculture sector. Wines from Italy, France and Spain have long been popular in Russia, with these three countries alone accounting for 80% of all EU wine exports. In addition, viniculture is […]
Indonesia has become a full member of the BRICS group, the its current rotating chair country, Brazil, announced on Monday (January 6). It brings the full member number of BRICS countries to ten, with the others being Brazil, Russia, India, China and South Africa, in addition to Egypt, Ethiopia, Iran, and the UAE. Several other […]
Iran’s imports of non-oil products from Russia have reached US$1.1 billion in the past 8 months, according to Foroud Asgari, Iran’s Minister of Customs. He said that Russia has now become the fifth largest source of Iranian imports. In early December, Russian President Vladimir Putin had highlighted the stability and reliability of trade and economic […]
2024 was marked by distinct changes in Russia’s foreign trade turnover, as sanctions and geopolitical instability forced the Russian economy to adapt to a new normal. Despite these challenges, exports grew by 0.5% to reach US$278 billion in value, while the focus of attention of Russian suppliers was Asia, Africa and the CIS countries. It […]
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Sergei Ryabkov, Russia’s Deputy Minister of Foreign Affairs, and the primary “BRICS Sherpa” has been interviewed by Tass concerning the development of the BRICS group during 2024. This is especially pertinent as Russia held the Presidency of BRICS during the year, hosting the annual BRICS summit in Kazan. The interview covered Russia’s Presidency of BRICS, […]
A comprehensive strategic partnership agreement between Russia and Iran will be signed during a meeting of both countries’ presidents in Moscow on January 17, 2025, the Iranian Ambassador to Russia, Kazem Jalali has stated. The Iranian Embassy in Moscow released a statement saying “Speaking about the readiness of Iran and Russia to sign a Comprehensive […]
Food exports from Russia to India increased by over 100% during the first 11 months of 2024, according to from the Russian Agroexport federal agency. The top five agricultural products exported to India were sunflower oil, peas, soybean oil, dried chickpeas, and oats. The value was estimated at being worth over US$2.3 billion – more […]
By Kirill Babaev, Director of the Russian Institute of China and Contemporary Asia, of the Russian Academy of Science The past year has become very successful for the growing trend of a “Pivot to the East” in Russian foreign policy. It seems that Russia this year has finally fully realized that the Asian region can […]
Nine countries will officially join BRICS as partner states in January, Russian presidential aide Yuri Ushakov has said, adding that the economic group is open to like-minded partners. The new “Partner Country” status was approved at the BRICS summit in Kazan in October, after more than 30 countries applied to join the organization. Partner country […]
Russia is holding negotiations on launching direct flights to Brazil, Malaysia and Pakistan, according to Roman Starovoyt, the Russian Minister of Transport, who had said “We are considering Malaysia and Brazil. Pakistan has also contacted us recently with a similar request. We are also analyzing the situation there, and engaging in a constant dialogue. Of […]
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