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.
Rosatom has signed a contract with Ethiopia’s Ministry of Innovation and Technology to conduct a feasibility study for the construction of a Nuclear Science and Technology Center (NSTC) in the country. Rosatom is the Russian state nuclear energy company. The initial work will be conducted by a Rosatom research subsidiary. Ethiopia is a member of […]
The Indian Defence Minister, Rajnath Singh, is to visit Russia’s Kaliningrad shipyard next month where the Indian Navy Stealth Frigate, INS Tushil is currently being built. The three-day visit will start on December 8, and will include talks with Russian Defence Minister, Andrey Belousov in Moscow. Singh will then travel to the Yantar shipyard located […]
Over the past three years, Russia’s share in BRICS trade has more than doubled and has further potential for expansion and containerisation – but there are bottlenecks that need dealing with. During that timeframe, BRICS imports from Russia have surpassed exports to Russia by almost 4.5 times, creating a huge container imbalance. As a result, […]
Russian customs data indicates that over the past ten months, China has purchased US$849 million worth of enriched uranium from Russia – a 3.2-fold increase compared to the same period last year. In October, Chinese imports doubled from September, reaching US$216 million in value. Imports generally increase in the lead up to the winter months. […]
Russia and Iran are negotiating the construction of a Russian-standard gauge railway from the Iranian city of Parsabad on the Iranian border with Azerbaijan, to the Iranian port of Bandar Abbas on the Persian Gulf coast, according to Kazem Jalali, the Iranian Ambassador in Moscow. Russian rail gauge is 1,520 mm wide, Iran’s is 1,435 […]
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The BRICS countries have drafted a special memorandum for partnership on carbon markets and it is expected to be signed before the end of 2024, according to Nikita Kondratyev, the director of multilateral economic cooperation and special projects at Russia’s Economic Development Ministry. He was speaking during a session at the UN COP29 climate conference, […]
India’s Minister of Ports, Shipping and Waterways, Sarbananda Sonowal has said that the Eastern Maritime Corridor (EMC), which connects major logistics hubs in Russia’s Far East with India’s southeastern coast, has become operational. The maritime link is expected to serve as a cheaper and faster alternative for shipping vital commodities, including oil and coal. Sonowal […]
Peru has been hosting the annual Asia-Pacific Economic Cooperation (APEC) summit, with the head of the Russian delegation, Deputy Prime Minister Alexei Overchuk, received by the Peruvian Prime Minister Gustavo Adrianzén Olaya. During their meeting, the sides discussed the current state of trade and economic relations between Russia and Peru as well as their prospects […]
Brazil, which is hosting the upcoming G20 annual meetings in Rio de Janeiro from 18–19 November, has made the BRICS New Development Bank (NDB) a G20 partner for 2024. Several G20 countries could subsequently join the bank, according to Russian Foreign Ministry Ambassador Marat Berdyev. The G20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, […]
Libya has expressed interest in joining the BRICS group, according to Taher al-Bawr, the Acting Foreign Minister has said in an interview at the First Russia-Africa Ministerial Conference. Al-Bawar said that “We are interested in joining, but joining is a guarantee of the value, the benefit that Libya can receive from joining the association. In […]
Russia and Iran have completed the pairing of their national payment systems, which will allow travelers from the two countries to use their domestic debit cards for purchases in either Iran or Russia. Both countries are currently suspended from the SWIFT international payments system, with the non-SWIFT pairing of Russia and Iran significant as it […]
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