Dmitry Volvach: BRICS trade turnover with the EAEU countries increases by more than 60%

A session entitled "EAEU - SCO - BRICS: Open Integration Dialogue" was held on Wednesday 24 May as part of the first day of the Eurasian Economic Forum (EEF).

The speakers discussed the key areas of cooperation between the EAEU, the SCO and the BRICS, the prospects of monetary and financial cooperation and the transition to new forms of settlement in the mutual trade of these integration alliances in the current environment, and how a dialogue between the leading integration alliances could contribute to the growth of national economies.

Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich said that if we look at the volume of foreign trade of the EAEC member-states with the SCO and the BRICS, last year increased by more than 40%. At the same time, the union's exports increased 1.6 times.

"The main trading partner of the union today is China. It accounts for 23 per cent, up from 15 per cent in 2015. India's share is growing and this is very encouraging," he said.

Nuran Niyazaliev, Deputy Secretary General of Shanghai Cooperation Organisation, highlighted key areas of cooperation between the SCO, EAEU and BRICS.

"The development of concerted joint measures and actions to help strengthen cooperation between member states in the areas of security, trade and economic cooperation, investment, energy, transport and scientific and cultural ties is being actualised. These issues are permanently on the agenda of the SCO Secretariat. We actively cooperate with the standing bodies of the CIS, CICA, ASEAN, CSTO, OECD and EEC," he mentioned.

The SCO Deputy Secretary-General stressed: "The New Development Bank established by BRICS countries, located in China, like the SCO Secretariat, will promote closer cooperation and exchange of experience in finance, investment and interbank cooperation".

Dmitry Volvach, Deputy Minister of Economic Development of the Russian Federation, in his speech gave the main indicators reflecting the volume of Russia's mutual trade with the BRICS countries and the EAEU states with the five countries.

"By the end of 2022, Russia's trade turnover with the five countries amounted to 230 billion dollars and increased by more than 40 per cent compared to 2021. The trade turnover between the BRICS countries and the EAEU countries at the end of 2022 was $ 263 billion, an increase of more than 60 per cent compared to the previous year. Now the candidate for BRICS membership is Iran, it is also a very important signal for us, because Iran is the most important trading partner of the Eurasian Economic Union. This year South Africa plans to actively involve the countries of the African region in cooperation with the BRICS, which is due to the objective need to expand multifaceted cooperation of integration processes. And besides, as far as we know, this year our South African friends are planning to invite representatives of the Eurasian Economic Commission and the SCO Secretariat to a meeting of BRICS leaders. I believe this will be a new step in deepening our cooperation"

Dmitry Volvach Deputy Minister of Economic Development of the Russian Federation

Liu Xuesong Plenipotentiary Minister, Embassy of the People`s Republic of China in the Russian Federation, stressed that China will continue to strongly support and actively promote multipolarity and globalisation, which is a constant trend in historical development. 

"The trend of globalisation has given the main impetus to cooperation between the EAEU, SCO and BRICS. All the countries of these associations are facing common challenges - economic development, improvement of living standards of the population, as well as strengthening external cooperation in the spirit of openness and mutual benefit," he said.

Anil Sooklal, South Africa's Sherpa to BRICS, spoke online. He expressed hope that the EAEU, SCO and BRICS can play a leading role in world processes when Russia takes over the BRICS chairmanship in 2024.

"Our organisations that will work together will demonstrate the very synergy that is needed to build a new global architecture. Our focus is on the interaction between the five countries and the states of the African continent. This year, all African leaders will meet with BRICS leaders, and these meetings are a clear indication of the global community's interest in and confidence in the development of BRICS. The Russia-Africa summit is also aimed at strengthening ties between Russia and the African continent"

Anil Sooklal South Africa's Sherpa to BRICS

The Second Eurasian Economic Forum will be held on 24-25 May 2023 in Moscow and will be held in conjunction with a meeting of the Supreme Eurasian Economic Council with the participation of the heads of the Eurasian Economic Union member states and observer states. The events are held as part of the Russian Federation's presidency of the Eurasian Economic Union bodies in 2023.

Photo: TV BRICS