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 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 […]
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 […]
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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 […]
Vladimir Putin has met with, Pham Minh Chinh, the Prime Minister of Vietnam, following the 2024 BRICS Summit in Kazan. This is what they had to say: Putin: “Once again, allow me to warmly welcome you to Russia. I have warm memories from my recent visit to Vietnam and the conversation we had. It was […]
Vladimir Putin has met with Thongloun Sisoulith, the President of Laos, following the 2024 BRICS Summit in Kazan. This is what they had to say: Putin: “Once again, I warmly welcome you all and would like to thank you, above all, for your participation in the BRICS Summit. The group is a prototype of multipolarity, […]
Vladimir Putin has met with Luis Alberto Arce Catacora, the President of Bolivia, following the 2024 BRICS Summit in Kazan. This is what they had to say: Putin: “I am delighted to see you in Russia again. Your visit to St Petersburg in June was very fruitful. We held substantive talks and attended the plenary […]
Vladimir Putin has met with Abiy Ahmed, the Prime Minister of Ethiopia, following the 2024 BRICS Summit in Kazan. This is what they had to say: Putin: “Mr Prime Minister, I am delighted to see you again. Ethiopia’s accession to BRICS is a momentous decision and yet further proof of your country’s prestige on the […]
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