- BRICS is expected to control 40% of the global economy by 2030, while the Western bloc’s share may shrink to 27%.
- Former U.S. President Donald Trump has warned of 100% tariffs on BRICS nations if they move away from the U.S. dollar.
Russian Economic Development Minister Maksim Reshetnikov predicts that the BRICS will dominate 40% of global economic power by 2030 while the Western economic bloc will only maintain 27% of the market share. Emerging markets under BRICS demonstrate growing dominance as member nations foster stronger economic partnerships while moving away from Western financial institutions.
Reshetnikov stated that Russia’s presidency within BRICS has accelerated cooperation in trade, tourism, climate policies, and technology. The transition is seen by Moscow as a chance to expand partnerships with the member states but still hold an open economy. The BRICS alliance consists of Brazil, Russia, India, China, South Africa, Egypt, Iran, the United Arab Emirates (UAE), Ethiopia, and Indonesia. Saudi Arabia has received an invitation but has yet to join.
Russia Strengthens Trade With BRICS and EAEU
Reshetnikov stressed that Russia is actively looking at opportunities to deepen the agreed-upon cooperative partnership. The country is deepening cooperation with the Eurasian Economic Union (EAEU), aligning for exports, investments, and vital products.
He also pointed out that increased trade with African countries made Russia a major influential country in terms of economic transformation. As Crypto News Flash reported earlier, Russia and India are now involved in nearly 90% of their bilateral trade directly in their own currencies, thus reducing the intermediary position of the U.S. currency. The total India-Russia trade stood at $64.5 billion in 2024, and Russia is India’s second-largest trading partner after China.
The integration of the BRICS countries remains active in an effort to counterbalance the Western global economic paradigm. The bloc’s attempts to establish separate financial systems could allow it to extend its presence in different markets.
Notably, Brazil announced that the leaders summit of BRICS countries will take place in Rio de Janeiro on July 6-7. Brazil’s Foreign Minister Mauro Vieira announced that the meeting will include heads of 20 states with full or associate status in the bloc. Vieira said.
At this meeting, we will make very important decisions for the development of all these countries, for cooperation, and for improving the living conditions of all their inhabitants
Trump Warns Against BRICS Currency Plans
The President of the U.S. Donald Trump has raised eyebrows over the plan by BRICS to shift from the U.S. dollar. As we reported, Trump warned that any country that exits the dollar or supports a new BRICS currency would be punished with 100% tariffs from the USA.
He also asserted that countries in the bloc should refrain from pursuing arrangements with other currencies. He stated, that failure to comply could result in economic sanctions and potential exclusion from the U.S. markets.
The BRICS bloc has not officially announced plans for a common currency, but discussions on alternative financial systems continue. Member nations have shifted towards the trend where they use their sovereign currency to facilitate trading, affirming internationalization and less reliance on Western financial practices.
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