BRICS Internal Trade Hits $1 Trillion Mark

The BRICS economic alliance, which includes Brazil, Russia, India, China, and South Africa, has achieved a significant milestone with its internal trade reaching $1 trillion. This figure was confirmed by Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF), on his Telegram channel. Dmitriev highlighted that this milestone underscores the strengthening of economic ties and the growing role of the BRICS alliance in shaping a new global economic architecture. This development aligns with the directives of Russian President Vladimir Putin, who has emphasized the importance of enhancing business ties through the BRICS Business Council.

The BRICS alliance was initially formed in 2009 as BRIC, comprising Brazil, Russia, India, and China. South Africa joined the group in 2010, expanding the acronym to BRICS. In 2024, the alliance further expanded its membership to include Iran, Egypt, Ethiopia, and the United Arab Emirates. Indonesia joined in early 2025. Additionally, Brazil has claimed that Saudi Arabia is part of the bloc, although the Middle Eastern country has reportedly avoided formal membership to prevent antagonizing the US. The alliance also includes 10 partner countries, which, while not full members, are invited to participate in the BRICS summit and endorse the alliance’s declarations.

The current priorities of the BRICS alliance include facilitating economic transactions between member countries, promoting the use of local currencies, developing international payment platforms, and enhancing cooperation in government procurement. These efforts aim to promote trade facilitation measures and strengthen economic ties among the member nations. In 2023, the alliance began working on creating a common currency backed by gold and potentially other precious metals and assets. This initiative is seen as a way to reduce international reliance on the US dollar, although officials from several member countries have claimed that they are not pushing for de-dollarization.

The surge in internal trade within the BRICS alliance can be attributed to several factors. The member countries have been actively promoting trade and investment among themselves through various initiatives and agreements. These efforts have helped to create a more integrated and cohesive economic bloc, facilitating the flow of goods, services, and capital. Additionally, the BRICS nations have been working to diversify their trade partners and reduce their reliance on Western economies, which has led to an increase in intra-BRICS trade. This shift is part of a broader strategy to enhance economic resilience and independence in the face of global economic uncertainties.

The $1 trillion trade figure is a testament to the success of the BRICS alliance in promoting economic cooperation and integration. It also reflects the growing importance of the alliance in the global economy, as it continues to expand its influence and impact. The surge in internal trade is expected to have a positive impact on the economies of the member countries, as it will create new opportunities for growth and development. It will also help to strengthen the alliance's position in the global economy, as it continues to challenge the dominance of Western economies.

The increase in internal trade within the BRICS alliance is a significant development that has important implications for the global economy. It highlights the growing importance of the alliance as a major economic player and underscores the need for greater cooperation and integration among its member countries. The $1 trillion trade figure is a testament to the success of the BRICS alliance in promoting economic cooperation and integration, and it is expected to have a positive impact on the economies of the member countries. As the alliance continues to expand its influence and impact, it will play an increasingly important role in shaping the future of the global economy.