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.
Russian Deputy Industry and Trade Minister Roman Chekushov has said that the proposed Eurasian Economic Union free trade agreement with Indonesia has seen an initial preliminary agreement signed in St. Petersburg, with plans to sign the full agreement with the participation of all Eurasian Economic Union (EAEU) countries by the end of this year. He […]
The Russian Prime Minister Mikhail Mishustin met with South African Vice President Paul Mashatile in Moscow on Wednesday (June 18) with a push to double trade turnover between the two BRICS nations. The two officials discussed deepening bilateral cooperation across a range of sectors, including energy and agriculture. Mashatile said, “Our markets are open to […]
The Russian Foreign Minister Sergey Lavrov has met with his Ugandan counterpart, Jeje Odongo, in Moscow. Lavrov stated, “We welcome Uganda as a BRICS partner country, and look forward to active cooperation with our Ugandan friends in this new format.” Uganda became a BRICS partner in January this year. Lavrov and Odongo discussed a broad range of […]
Russia is ready to enlarge exports to Indonesia and is interested in joint investment projects, including those in the fuel and energy sector, Russian Foreign Minister Sergei Lavrov has said, following meetings with Indonesian Foreign Minister Sugiono. Lavrov stated that “We have underlined our readiness to enlarge exports of Russian products to the Indonesian market, […]
Russian energy companies could help modernize and restore the Cuban energy system, the Russian Energy Ministry said following a meeting between Energy Minister Sergei Tsivilev and Cuban Foreign Trade and Investment Minister Oscar Perez-Oliva Fraga. The parties discussed the involvement of Russian companies in the construction of a new 200 MW power unit and overhauling […]
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The BRICS energy alliance has launched a coordinated system of Petro-Yuan (Chinese RMB Yuan currency) oil contracts that directly challenges US dollar dominance in global energy markets. The BRICS controls 46 million barrels per day of oil production and is implementing BRICS plus currency shift mechanisms through Yuan-denominated contracts, Indian Rupee – Russian Ruble swaps, […]
Russian President Vladimir Putin has held discussions with both Israeli Prime Minister Benjamin Netanyahu and the Iranian President Masoud Pezeshkian in the wake of this weekend’s attacks by Israel on Iran and the subsequent Iranian retaliation. It is believed he is the only world leader still able to discuss – and potentially mediate – between […]
The Brazilian Foreign Ministry has confirmed that Vietnam has become a BRICS partner country, saying, “The Brazilian government announces Vietnam’s official accession as a partner country.” Brazil is the 2025 Chair of the BRICS group. According to the ministry, Vietnam has become the association’s 10th partner, and stated that the country “shares with BRICS members a commitment […]
Russia and Iran are drafting an agreement on cooperation in joint film production, Russian Culture Minister Olga Lyubimova said on Tuesday, saying, “Cinematography is a key area for cooperation.” New Russian and Iranian films are traditionally presented at major festivals, and there is regular exchange of delegations of filmmakers.” She was speaking after meeting with […]
A top executive at Russia’s largest bank has said he sees a growing role for the Indian rupee in the country. Aleksandr Vedyakhin, the first deputy chairman of the board of Sber, has stated that the Indian currency is popular with the bank’s individual and business clients. He said, “In Russia, Sber allows you to make transactions in rupees, […]
Iran’s Minister of Roads and Urban Development Farzaneh Sadeghi and Russia’s Minister of Transport Roman Starovoit signed an agreement on the development of transport and transit cooperation for 2025. The core element of the agreement, signed in Tehran on February 18, is the completion of the long-delayed Rasht-Astara railway in Iran with Russia’s assistance, according to Iran’s […]
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