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BRICS

Russia will facilitate Vietnam's participation in the BRICS bloc of developing economies as a partner country, the countries said in a joint statement on Wednesday after Russian Prime Minister Mikhail Mishustin's two-day visit to Hanoi. The Russian side welcomed Vietnam's active participation in BRICS events in 2024 and expressed its readiness to create favourable conditions if Vietnam joins BRICS as a partner country, the statement said. BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven leading industrialised nations. Last year, the bloc added Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia has been invited to join. Turkiye, Azerbaijan and Malaysia have formally applied to become members, and a few others have expressed interest. Vietnam's Southeast Asian neighbour Indonesia was admitted as a full BRICS member this month. But Vietnam remains reticent to join the bloc, said Nguyen

Updated On: 16 Jan 2025 | 7:21 AM IST
Bs_logoWill help Vietnam become 'partner country' in Brics bloc, says Russia

Indonesia has been admitted as a full member of the BRICS bloc of developing economies, the group's presiding country Brazil announced Monday. Indonesia's candidacy was endorsed by BRICS leaders in August 2023, according to the foreign ministry of Brazil, which holds the group's presidency for 2024. However, the world's fourth-most populous nation opted to formally join the bloc only after the formation of its newly elected government last year. The Brazilian government welcomes Indonesia's entry into the BRICS, the government said in a statement. With the largest population and economy in Southeast Asia, Indonesia shares with other members a commitment to reforming global governance institutions and contributes positively to deepening South-South cooperation. BRICS was formed by Brazil, Russia, India and China in 2009, and added South Africa in 2010. Last year, the alliance expanded to embrace Iran, Egypt, Ethiopia and the United Arab Emirates. Saudia Arabia has been invited to joi

Updated On: 07 Jan 2025 | 7:49 PM IST
Bs_logoIndonesia admitted to BRICS bloc of developing nations, Brazil announces

In a statement, the Brazilian Foreign Ministry welcomed Indonesia for its entry into Brics

Updated On: 07 Jan 2025 | 7:51 AM IST
Bs_logoBrazil admits Indonesia as new member of Brics bloc of developing nations

Fair trade watchdog CCI is conducting a market study to understand the competitions issues in the renewable energy space across BRICS nations. The study is being conducted under the BRICS framework by India, Competition Commission of India (CCI) Chairperson Ravneet Kaur said. Currently, the regulator is also doing a market study on Artificial Intelligence (AI) and competition. "CCI has started the process for the study of competition issues in the renewable energy space across the BRICS countries," the chairperson told PTI in an interview. Initially, the grouping comprised Brazil, Russia, India, China, and later South Africa joined it. A few more countries have also joined the bloc. Kaur also said the commission does explore areas for conducting market studies depending upon the market dynamics and enforcement priorities.

Updated On: 29 Dec 2024 | 5:52 PM IST
Bs_logoCCI conducts market study on renewable energy space across Brics nations

China on Tuesday said the appeal and influence of the BRICS bloc is growing more saliently as it is becoming the main platform to promote solidarity and cooperation between the Global South. With the partner countries on board the BRICS family, the BRICS cooperation is elevated to a new height, the BRICS mechanism has greater representation, Chinese Foreign Ministry spokesperson Mao Ning told the media here while responding to a question on Russia announcing new BRICS partner countries. Mao said a list of BRICS partner countries was finally agreed on with consensus among the member countries. The list included Indonesia, Malaysia, Thailand, Belarus, Bolivia, Cuba, Kazakhstan, Uzbekistan and Uganda. BRICS originally consisted of Brazil, Russia, India, China and South Africa. Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have been admitted as new members. China stands ready to work with other BRICS members and partner countries to follow the spirit of openness, ..

Updated On: 24 Dec 2024 | 10:09 PM IST
Bs_logoBrics' influence growing among countries of Global South, says China

Russian head of state emphasised that the association works for the interests of the member states

Updated On: 20 Dec 2024 | 7:22 AM IST
Bs_logoBrics developing tools to lead global economy, attract new members: Putin

If Trump wants to maintain the dollar's primacy, he should recognise that its value is not dependent on American power and threats, but on American reliability

Updated On: 16 Dec 2024 | 7:59 AM IST

His remarks came a week after US President-elect Donald Trump had demanded that Brics member countries commit to not creating a new currency

Updated On: 07 Dec 2024 | 3:33 PM IST

Addressing the VTB Investment Forum in Moscow on Wednesday, Putin said that the opponents of the US did a lot to undermine the fundamental basis of dollar as their international reserve currency

Updated On: 05 Dec 2024 | 12:07 PM IST

Trade minister Tengku Zafrul Aziz said Malaysia was closely monitoring developments after US President-elect Donald Trump said Brics members would face 100 per cent tariffs

Updated On: 05 Dec 2024 | 11:18 AM IST

President-elect Donald Trump's warning that BRICS countries will face 100 per cent tariffs if they choose to move away from the US dollar is unclear to what extent he will carry out his threat, as it remains to be seen if the US law permits such an action, former RBI Governor Duvvuri Subbarao said on Monday. He also said even for BRICS, there are internal differences about bringing out an alternative to the US Dollar. The nine-member group that includes India, Russia, China, and Brazil, moving out of the US currency and having a common one remains a non-starter because of both politics and economics. "Donald Trump has threatened to slap 100 per cent tariffs on imports from countries that try to move out of the dollar. His ire was particularly directed at the BRICS bloc which has been actively talking about developing an alternative to the dollar. Trump is known to bark more than he bites," Subbarao told PTI. BRICS, formed in 2009, is the only major international group of which the

Updated On: 02 Dec 2024 | 1:54 PM IST

President-elect Donald Trump on Saturday threatened 100 per cent tariffs against a bloc of nine nations if they act to undermine the US dollar. His threat was directed at countries in the so-called BRIC alliance, which consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. Turkey, Azerbaijan and Malaysia have applied to become members and several other countries have expressed interest in joining. While the US dollar is by far the most-used currency in global business and has survived past challenges to its preeminence, members of the alliance and other developing nations say they are fed up with America's dominance of the global financial system. The dollar represents roughly 58 per cent of the world's foreign exchange reserves, according to the IMF and major commodities like oil are still primarily bought and sold using dollars. The dollar's dominance is threatened, however, with BRICS' growing share of GDP and the alliance's

Updated On: 01 Dec 2024 | 7:35 AM IST

The two sides reached the agreement on disengagement and patrolling in the last two friction points on October 21

Updated On: 29 Nov 2024 | 8:13 PM IST

Economics must move out of the mathematical measurement boxes in which it has entrapped itself

Updated On: 06 Nov 2024 | 11:18 PM IST

The BRICS+ grouping of nations like India, China and Russia is rapidly increasing its share in global merchandise exports and imports and is expected to surpass G7 group by 2026, EY India said in its latest edition of EY Economy Watch. The share of BRICS+ group in global merchandise exports has increased from 10.7 per cent in 2000 to 23.3 per cent in 2023, an increase of 12.6 percentage points. On the other hand, the share of the G7 group in global exports has fallen by a margin of 16.2 percentage points from 45.1 per cent to 28.9 per cent over the same period. The share of the rest of the world has largely remained stable increasing only marginally from 44.2 per cent to 47.9 per cent during this period. This implies that largely it is the BRICS+ group which has replaced the G7 group in terms of share in global merchandise exports, the report said. A similar pattern is visible in the case of share in merchandise imports. While the share of BRICS+ group has increased from 7.2 per c

Updated On: 31 Oct 2024 | 10:01 PM IST

The share of BRICS+ grouping in global merchandise exports can overtake the G7 bloc by 2026, EY India said on Wednesday. The October edition of EY Economy Watch reveals a significant shift in global trade dynamics, with the BRICS+ group rapidly increasing its share in merchandise exports and imports. From 2000 to 2023, the BRICS+ group's share of global merchandise exports has risen from 10.7 per cent to 23.3 per cent, marking an impressive increase of 12.6 percentage points. In contrast, the G7's share has seen a notable decline, dropping from 45.1 per cent to 28.9 per cent. Meanwhile, the rest of the world has maintained a relatively stable share, increasing slightly from 44.2 per cent to 47.9 per cent. G7 is a grouping of advanced economies -- the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. This trend highlights the growing prominence of the BRICS+ group in the global trade arena, suggesting a potential shift towards a multipolar global economi

Updated On: 30 Oct 2024 | 3:45 PM IST

The remarks by Alipov came while addressing a press conference in New Delhi on Monday

Updated On: 28 Oct 2024 | 8:09 PM IST

Ukrainian President Volodymyr Zelenskyy has urged Prime Minister Narendra Modi to leverage India's influence to foster peace while adding that New Delhi can host Russia-Ukraine peace negotiations

Updated On: 28 Oct 2024 | 10:22 AM IST

Brics's demand to reform the present financial system and global institutions and attempts to develop different payment mechanisms will get suitable support

Updated On: 28 Oct 2024 | 12:34 AM IST

Chinh fell short of stating Vietnam's explicit interest in joining the club, a move that could bring the Communist-run southeast Asian nation closer to China and Russia

Updated On: 25 Oct 2024 | 11:14 AM IST