BRICS account for more than 36% of global GDP

As part of the agenda of the Russian 2024 BRICS Chairmanship, the 14th BRICS Economic and Trade Ministers' Meeting will take place in Moscow.

During the meeting, the top officials, among other issues, discussed possible areas of multilateral coordination and the prospects of the association's global influence in the sphere of world trade. Information about this was released by the Ministry of Economic Development of the Russian Federation.

In particular, the ministers discussed prospects for further cooperation in agricultural trade, support for small and medium-sized businesses, consumer protection in e-commerce, and improving the sustainability of value chains and supply chains.

The event also discussed the introduction and promotion of artificial intelligence technologies in trade operations, as well as enhancing cooperation through special economic zones.

"In recent years, the BRICS countries have been actively increasing their economic and technological potential, forming one of the most promising global markets"

Maksim Reshetnikov Minister of Economic Development of the Russian Federation

"According to the results of last year, taking into account the new members of the union, BRICS accounts for more than 36% of world GDP, 22 per cent of world trade, and almost half of the world's population–3.5 billion out of 8 billion people," he said.

The Russian official said that the results of the ministerial meeting indicate that through multilateral collaboration and partnership, it will be possible to implement competent regulation of the growing international e-commerce industry, eliminate currency barriers, and compete in the high-tech sector among the world's top market leaders.

Photo: Ministry of Economic Development of the Russian Federation