Russian Official Says BRICS Internal Trade Has Surged to $1,000,000,000,000
The BRICS economic alliance has recently reached a significant milestone, with $1 trillion in internal trade among its member countries, according to a statement from Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF). This achievement highlights the strengthening economic ties and growing influence of the association in shaping the global economy.
The BRICS alliance, originally comprised of Brazil, Russia, India, and China, expanded in 2010 to include South Africa, forming the acronym BRICS. Over the years, the alliance has grown to include other nations such as Iran, Egypt, Ethiopia, the United Arab Emirates, and Indonesia. While Saudi Arabia is reportedly considered part of the bloc by Brazil, it has chosen not to formally join to avoid potential conflicts with the United States.
In addition to its member countries, the BRICS alliance also includes 10 partner countries, including Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam. These partner countries participate in BRICS summits and can endorse the alliance’s declarations, despite not being full-fledged members.
Current priorities for BRICS include facilitating economic transactions between member countries, promoting the use of local currencies, developing international payment platforms, cooperating in government procurement, and implementing trade facilitation measures. The alliance has also explored the possibility of creating a common currency backed by gold and other assets to reduce reliance on the US dollar, although member countries have indicated that they are not actively pursuing de-dollarization.
Overall, the BRICS economic alliance continues to play a significant role in shaping global economic policies and fostering cooperation among its member and partner countries. Stay updated on the latest developments by following us on X, Facebook, and Telegram, and subscribe to receive email alerts directly to your inbox. Don’t miss out on important market updates and price actions – join The Daily Hodl Mix today.
Image credit: Midjourney
