According to Bloomberg, trade between the five members of the BRICS bloc increased by 56 per cent to $422 billion between 2017 and 2022. This is reported by Toda Palavra, partner of the TV BRICS.
Media outlets note that economically, the natural resources and agricultural products of Brazil and Russia make them important partners for China.
Earlier this year, Russian President Vladimir Putin said that the BRICS (Brazil, Russia, India, China and South Africa) has already overtaken the G7 countries in terms of purchasing power parity of their populations.
Experts predict that the combined gross domestic product (GDP) of the enlarged BRICS in purchasing power parity will be about $65 billion. This will increase the group's share in global GDP from the current 31.5 per cent to 37 per cent.
Last week, Russian Security Council Deputy Secretary Alexander Venediktov said that the accession of new countries (Argentina, Egypt, Iran, Ethiopia, Iran, Saudi Arabia and the UAE) to BRICS would be a success of Russian diplomacy and a common achievement of all members. He emphasised that the expansion process will continue.