Russia-BRICS Trade Up by 6.3% in 5 Months of 2024, Further Growth Expected, says Minister
16:44 16.08.2024 (Updated: 17:05 16.08.2024)
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NIZHNY NOVGOROD (Sputnik) - Russia-BRICS trade has jumped by 6.3% within five months of 2024, Russian Minister of Industry and Trade Anton Alikhanov said on Friday, adding that the positive dynamics are expected to continue through 2024.
The Russian trade minister pointed to the support of BRICS partners amid a "powerful reorientation" of Russia's import and export flows.
"By the end of last year, we increased trade with the BRICS member countries by 28%, and came close to the $300 billion mark. According to the results of five months of this year, we also see continued growth by 6.3%. It is clear that an expansion has taken place: the figures that I provided for 2023 did not contain [the data on] the new states that had joined the association. We hope that this positive trend will continue. In any case, we have all the preconditions for this," Alikhanov told reporters following the meeting of the BRICS industry ministers.
BRICS was established as a cooperation platform for the largest emerging economies, uniting Brazil, Russia, India, and China in 2009. South Africa joined the group in 2010. Russia assumed the bloc's rotating presidency on January 1. On the same day, BRICS expanded its membership to include Egypt, Ethiopia, Iran, and the United Arab Emirates. Saudi Arabia has not formalized its participation but has been taking part in BRICS meetings.
