BRICS Internal Trade Reaches Major Milestone: Bloc Strengthens Inner Bonds

The BRICS organization has reached a milestone in internal trade numbers, reaffirming the relevance of these relations as part of the world’s economic exchange structure. President Putin reinforced the relevance of the new BRICS growth model, independent of Western dominance and based on South-South cooperation.

BRICS Reaches $1 Trillion in Internal Trade Numbers

BRICS, integrated by major players in economic production like Russia and China, is becoming a behemoth regarding trading numbers. Special Representative of the Russian President for economic cooperation with foreign countries, Kirill Dmitriev, recently revealed that the bloc had surpassed a major milestone, reaffirming its growth as a key economic organization in the current trade market.

Dmitriev, who is also CEO of the Russian Direct Investment Fund (RDIF), a $10 billion sovereign wealth fund, highlighted the relevance of this achievement, noting that it confirmed the bloc’s strength as a force to be reckoned with.

On his Telegram channel, he stated:

Internal trade of BRICS countries has reached $1 trillion. A major milestone, which confirms the strengthening of economic ties and the growing role of the association in the formation of a new architecture of global economy.

Furthermore, he stressed that they “continue strengthening business ties, including through the BRICS Business Council, as requested by Russian President Vladimir Putin.”

While there had been estimations of the bloc’s economic growth, ranking it among the first organizations boasting the highest numbers in that regard, inner trading numbers had not been shared compellingly.

The reveal comes as the two powerhouses of the bloc, Russia and China, have discussed the possibility of expediting the creation of a BRICS-Global South investment platform that would allow the injection of foreign capital into these economies.

During his speech at the St. Petersburg International Economic Forum (SPIEF), one of the most relevant conferences in the region, Putin reaffirmed the pivotal role of BRICS as part of the largest production economies of the planet.

“BRICS makes up 40% of the global economy. And it’s obvious that this share will only continue to grow. This growth will primarily come from the dynamic countries of the Global South,” Putin noted.

Read more: Putin and XI to Kickstart Global South BRICS Investment Platform