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.
Russia’s Binnopharm Group, owned by AFK Sistema, and members of a Sri Lankan delegation have been discussing options for interaction and international cooperation in the pharmaceutical sector. Binnopham produces around 300 pharmaceutical products and is a major antibiotics producer in Russia. Approximately 35% of its medicines are produced in a full cycle from the company’s […]
The Russian Ambassador to Iraq, Elbrus Kutrashev, has stated that the Iraqi government is interested in BRICS, but it is too early at present to talk about the country becoming a member. Speaking to Izvestia, he said “Russia is in fashion among Iraqis now. There are many who want to visit Russia for tourism or […]
Russia has received the right to export livestock products to Cuba, in moves that should provide a boom for Russian exporters operating in this sector. The Russian Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) has been looking at developing foreign markets, and an audit of the Russian system for control and oversight of animal-origin […]
Russia has the potential to export more than US$210 million worth of agricultural products to Thailand per year by 2030, according to Dmitry Krasnov, the head of the Russian Ministry of Agriculture’s Agroexport Center. He was speaking at a business mission by Russian exporters to Thailand on Tuesday (October 28). Krasnov said that “At present, […]
The Basel-based Bank of International Settlements (BIS) is poised to drop cooperation with the mBridge financial settlements system, in a move that would delay the introduction of any alternative financial settlements system to SWIFT. mBridge has been developed by the Central banks in China, Thailand, Hong Kong, and the UAE, and has recently and successfully […]
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Haval autos, (part of China’s Great Wall Motors) plans to expand the production facilities of its Tula based factory, with upgrades now ongoing. Starting in 2025, after the modernisation is completed, Haval will produce up to 200,000 cars per year from the Tula site, according to Andrey Akifyev, Executive Director of Haval Motor Rus. That […]
Latin America was well represented at the 2024 BRICS Heads of State Summit, with Brazil sending a Ministerial-level delegation and Bolivia and Cuba being granted ‘BRICS Partner’ status. The 2025 annual BRICS summit will be held in Brazil where further LatAm developments can also be expected. We discuss these issues on a multilateral basis as […]
The African continent was well represented at the 2024 BRICS Heads of State Summit, with two major African economies in Algeria and Nigeria, as well as Uganda now going through a membership process. Other African nations were also present. We summarise what happened on a country-by-country basis involving Africa as follows: South Africa South Africa […]
The Middle East was a key component of the 2024 BRICS Heads of State Summit, with considerable diplomatic engagement concerning the on-going crisis. Just one day after the Iranian delegation returned from Russia, Israel attacked Tehran. The Palestinian President was also invited to the summit as was the UN Secretary-General. However, apart from the security […]
Asia was well represented at the 2024 BRICS Heads of State Summit, with both China and India, the two most populous countries in the world attending, together with four ASEAN big hitters in Indonesia, Malaysia, Thailand and Vietnam now going through a membership process. Other Asian economies were also present. We summarise what happened on […]
Vladimir Putin met with Antonio Guterres, the UN Secretary-General, and invited him to the BRICS Plus Outreach Plenary Session during the 2024 BRICS Summit in Kazan. Putin also spoke about Russia’s involvement in the United Nations. This is what Putin had to say: “Heads of state, Ladies and gentlemen, friends, I am delighted to welcome […]
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