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 has proposed to BRICS countries and partnership members a mechanism for cross-border payments based on the BRICS Bridge settlement platform, according to Anton Siluanov, Russia’s Finance Minister. He explained that the mechanism would see BRICS members central banks issue digital financial assets (DFAs), which would in turn peg their value to the national currencies […]
In response to Wednesday’s (June 12) US sanctions concerning the provision of services to Russia for trading US dollars or Euros, the Bank of Russia has stated that the Chinese RMB Yuan / Russian Ruble exchange rate will now be the baseline from which other currency pairs, including for the euro and the dollar, will […]
Sergey Ryabkov, Russia’s Deputy Foreign Minister has said that Iran would benefit if it joined New Development Bank established by the BRICS countries. Speaking at the BRICS foreign ministers meeting in Nizhny Novgorod, he said that “In order for Iran’s entry into BRICS to face the least difficulties, it is necessary to take a number […]
Russian Foreign Minister Sergey Lavrov said during talks with his Venezuelan counterpart Yvan Gil Pinto during the BRICS Foreign Ministers’ meeting this week, that Russia welcomes Venezuela’s interest in BRICS and will contribute to the strengthening of relations as the BRICS 2024 chair. Lavrov stated that “We are glad to see you and your delegation […]
The Cuban Foreign Minister, Bruno Rodríguez Parrilla has held discussions with Russian Foreign Minister Sergey Lavrov concerning the development of trade ties in St. Petersburg. The meetings have been held at the same time that a small fleet of Russian warships and support craft have arrived in Havana. Lavrov had visited Cuba in February this […]
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As we reported last week, Russian President Vladimir Putin has held meetings with Dilma Rousseff, the Head of the BRICS New Development Bank (NDB). A new priority for the NDB, as directed by its shareholders, is the development of a new digital currency to facilitate direct trade between members and bypass sanctions imposed on Russia […]
Zimbabwe maintains good relations with all BRICS member countries and it is edging closer to joining the grouping, Zimbabwean President Emmerson Mnangagwa said as he returned home from the St. Petersburg International Economic Forum (SPIEF). Mnangagwa said that “Zimbabwe is edging closer to joining the BRICS economic bloc. Our good relations with members will enhance […]
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 […]
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