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 St. Petersburg International Commodity and Raw Materials Exchange (SPIMEX) will create a new, common EAEU commodity exchange market and then intends to integrate this to include commodities trading within the BRICS, according to SPIMEX President Igor Artemyev, speaking on the sidelines of the St. Petersburg International Economic Forum (SPIEF). Artemyev stated that “A large […]
Russian Foreign Minister Sergei Lavrov has been on a four-country tour on Africa this past few days, visiting Guinea, The Republic of Congo, Burkina Faso and Chad. Russia has also announced it is to open Embassies in Sierra Leone, Niger and South Sudan. We covered Lavrov’s visit and discussed Russia’s trade with each of these […]
Russian President Vladimir Putin is set to hold discussions with Dilma Rousseff, the President of the New Development Bank (NDB) at the Konstantinovsky Palace in St. Petersburg on Thursday (June 6). The NDB is the multi-lateral financing vehicle for the BRICS group. While Russia is a major shareholder, it has not been able to participate […]
Turkiye is to discuss BRICS membership next week. We detail Turkiye’s trade with the bloc. October 25 Update: Turkiye has now been granted ‘BRICS Partner’ status. See more here. Over the past two years, Turkiye’s trade figures with most of the eleven BRICS members have shown significant growth. Now, Turkish Foreign Minister Hakan Fidan has […]
The 2024 BRICS Games are to be held in Kazan, Russia from June 12-23, with 5,000 participants from 97 countries expected to participate, according to the BRICS Games Organizing Committee. Russian Deputy Prime Minister Dmitry Chernyshenko said that “Russia chairs the BRICS in 2024, and this site has priority importance to our country under the […]
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The Foreign Ministry of the Taliban movement (which is currently banned in Russia as a terrorist organization), which controls Afghanistan, has welcomed Russia’s declared intention to build bilateral relations. Abdul Qahar Balkhi, spokesperson for the Taliban Foreign Ministry, said that “The Ministry of Foreign Affairs of the Islamic Emirate of Afghanistan welcomes comments by the […]
October 25 Update: Thailand has now been granted ‘BRICS Partner’ status. See more here. Thailand will apply to become a member of the BRICS economic bloc, the Thai government in Bangkok announced on Tuesday (May 28). Government spokesman Chai Wacharonke said that the Thai cabinet has approved the text of the official letter expressing Thailand’s […]
South Africa’s PetroSA and Russia’s Gazprombank are currently investigating the feasibility of restarting operations at South Africa’s gas-to-liquid (GTL) fuel plant in Mossel Bay in South Africa’s Western Cape. PetroSA spokeswoman Nonny Mashika-Dennison has said that all factors affecting the viability of restarting operations at the refinery were being considered as part of a comprehensive […]
India’s Foreign Minister Subrahmanyam Jaishankar has stated that New Delhi’s decision to purchase energy supplies from Moscow are pivotal to India and its rise as the world’s fastest-growing large economy. Speaking at an event in Mumbai, India’s financial capital, Jaishankar emphasized that the nation’s purchases of Russian crude since the beginning of the Ukraine conflict […]
Rustam Habibullin, the head of the Russian Business Center in Afghanistan, has said that the trade turnover between Russia and Afghanistan after the withdrawal of US and NATO forces has increased significantly and reached US$1 billion. He stated that the main areas of trade are gas, oil products, flour and wheat, and more recently, dairy […]
The Yuzhnouralsky Dry Port and Rusagrotek LLC have sent the first container train with agricultural products from Chelyabinsk to Zabaikalsk, one of the China border crossings. The train will proceed to Chengdu in China’s Sichuan Province, with the total travel time estimated at 14 days. The train consists of 70 forty-foot containers. The route was […]
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