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.
Alfa Bank is to open an office in India, the Russian lender’s deputy CEO, Pavel Vysotsky as said. “We see that it is necessary to open a large network of Russian banks and representative offices in India and expand the existing presence there. Alfa Bank is no exception in this regard, and we have such […]
Han Zheng, China’s Vice President, has been attending the Eastern Economic Forum in Vladivostok, and gave a speech at the event. China is Russia’s largest trade partner and shares a significant border with the Russian Far East. This is what he had to say: “Forum participants, ladies and gentlemen, friends. I am happy to be […]
The Malaysian Prime Minister, Anwar Ibrahim, has been attending the Eastern Economic Forum in Vladivostok, and delivered a Keynote speech at the event. Malaysia is poised to be the new ASEAN Chair for 2025, and, Ibrahim said, remains committed to reinforcing the bloc’s centrality while exploring synergies with regional and key dialogue partners. ASEAN includes […]
October 25 Update: Algeria has now been granted ‘BRICS Partner’ status. See more here. Algeria has been granted membership in the BRICS New Development Bank (NDB), the bank president, Dilma Rousseff, and Algeria’s Finance Ministry have announced. The decision was made on Saturday (August 31) at the ninth annual meeting of the Board of Governors […]
October 25 Update: Turkiye has now been granted ‘BRICS Partner’ status. See more here. As we suggested would happen earlier in June here Turkiye has made an official application to join the BRICS grouping. A rift with NATO over Ukraine are one reason for Ankara’s reported bid to join the group, which is due to […]
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The 9th annual Eastern Economic Forum (EEF) opened on Tuesday (September 3) in Vladivostok. The EEF is Russia’s largest development and investment platform for Asia and is targeted at developing the economy of the Russian Far East and expanding international cooperation in the Asia-Pacific region. This year’s primary showcase guest is Vietnam, while around 6,000 […]
Chinese car manufacturers Chery has become the largest foreign company in Russia by revenue in 2023, according to Forbes magazine. Chery is the first ever Chinese company to claim the top spot in the Forbes ranking. The brand increased its sales in Russia by 300% year-on-year to over ₽590 billion (US$6.65 billion). According to the […]
Iranian and Russian automobile and parts manufacturers met at the MIMS Automobility Moscow 2024 last week to discuss ways to strengthen cooperation, as bilateral trade and supply of Iranian auto parts has increased by 450% since the county signed a Free Trade Agreement with the Eurasian Economic Union and joined BRICS. The Iranian delegation, led […]
The Russian government is to put into place a more assertive approach in promoting its national concerns and development agenda within multiple international organizations, including the World Bank, APEC, OECD, APEC, G20 and BRICS amongst others. To do this, the Ministry of Finance (MoF) has selected the Economic Expert Group, who during 2024–2025, will conduct […]
Abrau-Durso, Russia’s leading producer of sparkling wines, has begun producing sparkling beverages in India. Boris Titov, Abrau-Durso’s principal owner has said the initial trial batch will total 10,000 bottles. Unlike the companies usual, champagne style products, the new India production will be a low alcohol sparkling beverage aimed at the youth market and available in […]
Moscow is hosting the BRICS International Municipal Forum (IMBRICS) from August 27/28, an event that is bringing together city mayors and related municipal officials from 126 countries, 89 Russian regions and 500 cities to discuss and share information on municipal and urban planning. The Government of Moscow is acting as the General Partner of the IMBRICS […]
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