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.
Sri Lanka intends to formally seek membership of the BRICS group of nations, Janitha Abeywickrema Liyanage, the country’s ambassador to Russia announced today (April 24). She confirmed that “Sri Lanka is planning to join BRICS+” and expressed hope that accession would provide “an opportunity to ensure both transport and food security.” The BRICS group of […]
Iran could start accepting Russian MIR debit and credit cards within the next few months, the trade attaché from Tehran’s embassy in Moscow has stated. According to Mohsen Rahimi, work on preparing the necessary technical infrastructure is already underway, although implementing the system will take time. The move comes as Russia and Iran continue to […]
It is not being mentioned in French media, however 2024 is proving to be a year where France is being effectively evicted from its African colonial ‘possessions’ and being replaced with rather stronger leaders, often supported by their military, who have increasingly turned to Russia for support. We have already commented on the position and […]
African countries have significantly boosted imports from Russia, in signs that the shift to trade development with the global south is having a profound effect on supply chains, trade flows and creating new opportunities. Africa outperformed Russia’s trade partners from the Americas – the United States, Canada, Mexico and Latin America. In 2023, the share […]
Colombia’s President Gustavo Petro has expressed interest in his country’s entry into BRCIS, while his Brazilian counterpart Luiz Inacio Lula da Silva intends to facilitate the promotion of candidacy of the neighboring country. “President Petro expressed Colombia’s interest in joining BRICS as a full-fledged member as soon as possible, while President Lula welcomed this initiative, […]
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Russia is increasingly been seen as a protective responsible power as an alternative to France, the old colonial power in Africa. Following French withdrawal from Niger and Mali, Algeria has joined the exodus of leaving Paris for Moscow ties. The two countries have signed a security cooperation agreement on a variety of issues, including fighting […]
The Ethiopian Ambassador to Russia, Cham Ugala Uriat has said that the BRICS members should work together to strengthen their economies, and create an alternative international monetary system, including an alternative to the International Monetary Fund (IMF). He specifically stated that the Shanghai-based New Development Bank (NDB), established by the BRICS states and opened for […]
In many ways Russia and Iran find themselves in a similar geo-strategic position. Both are heavily sanctioned by the West and pursue a set of policies which aim at bolstering their respective influence on their regional, if not global stage. They also work to diminish the collective West’s ability to shape the world order and […]
Russian Foreign Minister Sergei Lavrov completed a two-day visit to Beijing on Tuesday, where he met both Chinese Foreign Minister Wang Yi and President Xi Jinping. In many ways, his trip was preparation for the visit of Russian President Vladimir Putin to China, whose plans were confirmed by the Kremlin on the same day. During […]
When Chinese President Xi Jinping announced the Belt and Road Initiative over a decade ago, Russia’s Vladimir Putin was not enthusiastic about the massive infrastructure drive moving into his country’s “backyard”. Moscow saw landlocked former Soviet countries in Central Asia, such as Kazakhstan and Kyrgyzstan, as within its orbit and the belt and road as […]
October 25 Update: Vietnam has now been granted ‘BRICS Partner’ status. See more here. Vietnam is actively working on a bid to join the BRICS group, according to Hanoi’s embassy in Russia. The country has yet to make a decision on a formal membership bid, although it is establishing a framework for BRICS participation and […]
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