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.
Vladimir Putin has met with Xi Jinping, the Chinese President, at the BRICS Summit in Kazan. This is what they had to say: Putin: “Chinese comrades and friends, I extend a warm welcome to all of you here in Russia, particularly in the Republic of Tatarstan, in Kazan, the capital of the Republic. This region […]
Vladimir Putin has met with Narendra Modi, the Indian Prime Minister at the BRICS Summit in Kazan. This is what they had to say: Putin: “I am delighted to welcome you to Russia, this time to Kazan, a magnificent historical city on the Volga. I warmly remember your visit to Moscow and our fruitful talks […]
Vladimir Putin has met with Cyril Ramaphosa, the President of South Africa at the BRICS Summit in Kazan. This is what they had to say: Putin: “We are delighted to welcome you all to Kazan, Russia. We are grateful for your decision to take part in the BRICS Summit. This year, Russia assumed the BRICS […]
The Russian President, Vladimir Putin, has met with the President of the BRICS New Development Bank (NDB), Dilma Rousseff. The NDB acts as a BRICS development platform and invests in infrastructure projects, often in the green sector, in BRICS nations. Equity investors include Algeria, Bangladesh, Brazil, China, Egypt, India, Russia, South Africa, United Arab Emirates, […]
The Secretary-General of the United Nations (UN), Antonio Guterres, is to attend the 2024 BRICS Heads of State summit, which kicks off today (October 22) in Kazan, Russia. The UN is an official observer to the group, however Guterres personal participation sends a strong signal that the BRICS is very much now part of what […]
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Yevgeny Pakhomov, Russia’s deputy director of the international cooperation and foreign trade licensing department at the Ministry of Industry and Trade has said that Russia is interested in creating industrial “points of presence” in Turkey to develop exports and cooperation. He said “We don’t regard points as just manufacturing facilities themselves, but also the creation […]
Russia believes that Africa, Brazil, and India should be represented in the UN Security Council on a permanent basis, to ensure the representativeness of the global majority, Russian Foreign Minister Sergey Lavrov has stated. Lavrov said “Countries such as India, and Brazil, as well as representatives of Africa, should have been on a permanent basis […]
The Russian President, Vladimir Putin, is meeting with the President of the United Arab Emirates (UAE), Mohamed bin Zayed Al Nahyan in Moscow for official discussions ahead of the upcoming BRICS summit. The UAE joined the BRICS bloc in January. The Kremlin has said that the Presidents will talk about the current situation and prospects […]
Russia is suggesting to fellow BRICS countries that the organisation establishes a grain exchange system, a proposal that would give Moscow greater control over international prices for its agricultural exports. Frustrated by low global wheat prices, Russia, the world’s largest wheat exporter, has attempted to limit exports at low prices through international intermediaries. Moscow recommended […]
One of the many criticisms of the manner in which Brussels has managed its sanctions policy against Russia has been the knock-on effect it has had on third party countries. This has actively damaged the European Union’s credibility in the eyes of numerous countries, many of them in the global south. An example is a […]
The BRICS Pay system has been launched, with immediate implications for the future role of the US dollar, and the use of financial sanctions upon other countries. The system bypasses the US controlled SWIFT payments system, disregards the US dollar as a preferred currency and allows instant settlement in sovereign currencies instead. It is likely […]
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