The BRICS economic alliance has clocked $1 trillion worth of internal trade between its member countries, according to a Russian official.
Kirill Dmitriev, chief executive of the Russian Direct Investment Fund (RDIF), confirms the number on his Telegram channel.
[adinserter block="1"]“A major milestone, which confirms the strengthening of economic ties and the growing role of the association in the formation of a new architecture of global economy. We continue strengthening business ties, including through the BRICS Business Council, as requested by Russian President Vladimir Putin.”
BRICS held its first summit in 2009 and was originally known as BRIC, representing its four founding members: Brazil, Russia, India, and China. The acronym became BRICS after South Africa joined the group in 2010.
In 2024, it expanded membership to other nations, including Iran, Egypt, Ethiopia and the United Arab Emirates. Indonesia joined in early 2025.
Brazil also claims that Saudi Arabia is part of the bloc, but the Middle Eastern country has reportedly eschewed formal membership in the intercontinental economic alliance to avoid antagonizing the US.
The economic alliance also includes 10 “partner countries,” including Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam. Partner countries aren’t full-fledged members but are invited to participate in the BRICS summit and can endorse the alliance’s declarations.
Brazil says current BRICS priorities include “facilitating economic transactions between bloc countries, such as the use of local currencies; the development of international payment platforms; cooperation in government procurement; and the promotion of trade facilitation measures, among others.”
In 2023, the alliance reportedly began working on creating a common currency backed by gold and potentially additional precious metals and assets to circumvent international reliance on the US dollar, though officials from several of the bloc’s member countries claimed earlier this year that they weren’t pushing for de-dollarization.
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