BRICS on the way to leadership in world trade

Experts predict that BRICS may overtake the European Union in the near future. Since its foundation, the alliance has tripled its share in global trade, reaching 21.6% by the end of 2023. The trade volume of the participating countries amounted to a whopping $10.4 trillion.

The GDP growth of the BRICS countries (3.1% in the second quarter of 2024), due to the steady growth of the economies of India (6%), China (4%) and Russia (4%), contrasts with the lagging development of the EU — only about 0.6%.

The introduction of the BRICS Bridge cross-border payment system and the development of the BRICS Cross-border Payment Initiative (BCBPI) will contribute to the growth of trade between the participating countries and strengthen cooperation within the association.

According to Svetlana Frumina, an expert at Plekhanov Russian University of Economics, BRICS has the potential for development due to the creation of an independent settlement and depository infrastructure using national currencies for international settlements. This will allow the association to become an example of inclusive development and a just world order

Frumina notes a more than twofold increase in trade turnover between Russia and the BRICS countries, which increased to $294 billion over the year. She also focuses on the fact that while the EU's global trade is declining, there is a steady increase in trade turnover within the BRICS. Moreover, it extends beyond the confines of the association.