According to a Russian government official, the BRICS alliance’s member nations have traded $1 trillion in goods and services between themselves.
Kirill Dmitriev (CEO of Russian Direct Investment Fund, RDIF) confirms this number via his Telegram channel.
The association has grown in importance and is playing a greater role as a global economic force. This milestone confirms that the association’s economic links are strengthening. As requested by Russian president Vladimir Putin, we continue to strengthen business ties through the BRICS Business Council.
BRICS hosted its first summit in 2009. It was initially known as BRIC to represent its founding members, Brazil, Russia India and China. After South Africa’s inclusion in 2010, the acronym was changed to BRICS.
It expanded its membership in 2024 to include other nations including Iran, Egypt and United Arab Emirates. Indonesia became a member in 2025.
Brazil claims Saudi Arabia also belongs to the alliance, but it has not formally joined the group in order to avoid antagonizing America.
Ten “partner” countries are also included in the economic alliance, including Belarus, Bolivia Kazakhstan, Cuba Malaysia Nigeria Thailand Uganda Uzbekistan Vietnam. The partner countries don’t have full membership but they are welcome to attend the BRICS Summit and endorse alliance declarations.
Brazil’s current BRICS priority includes “facilitating economic transaction between bloc countries such as using local currencies, the development of an international payment platform, cooperation in public procurement, and promotion of trade facilitation, among other things.”
The alliance is reportedly working to create a currency in 2023 that would be backed up by gold, and possibly other precious metals, and assets, so as not to rely on the US Dollar internationally. However, officials of several member states claimed this year they were against dedollarization.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Russian Official says BRICS internal trade has risen to $1,000,000,000,000 could be updated as new information becomes available.
