BRICS strengthens its position on the world trade arena

By the end of 2023, the BRICS countries (Brazil, Russia, India, China and South Africa) increased their share in world trade to 21.6%, according to a report by the World Trade Organization (WTO). Since the foundation of the association, this share has increased almost one and a half times.

The BRICS countries' trade volumes with other countries of the world and within the bloc reached $10.4 trillion, which puts them in second place after the European Union ($14.3 trillion and 29.7% of world trade).

Against the background of the growing economic integration of the BRICS countries, information has appeared about the upcoming payment system, which will reduce dependence on the dollar and the euro. Russia has prepared a report with initiatives on the organization of the BRICS cross-border payment system, the system of inter-depository interaction and its own reinsurance system. The document will be presented to the leaders of the countries at the upcoming summit in Kazan.

Anton Siluanov, Head of the Ministry of Finance of the Russian Federation, stressed that the combined share of the dollar and the euro in the calculations of the BRICS countries is less than 30%. He also noted a downward trend in the role of Western currencies in the bloc's trade operations and an increase in the value of national currencies, including the Russian ruble. Currently, the share of national currencies of the BRICS countries in the calculations of the association exceeds twice the share of currencies of unfriendly states.