Russia’s finance minister Anton Siluanov is predicting that the economic bloc of countries known as BRICS (Brazil, Russia, India, China, and South Africa) will assume more than half of the world’s economy in ten years, RT reported.
“The economy of the BRICS countries today occupies one third of the world economy. According to our modest calculations, by 2030 our economies will occupy more than half of the global economy,” Siluanov told the VI Conference on competition under the auspices BRICS in Moscow.
These economies have an effect on the global business competition and it is particularly important to combine efforts of the group to eliminate trade barriers, Siluanov said.
BRICS is a group of world’s biggest developing economies and includes the five nations which are also members of the G20. It was established in 2006 by Brazil, Russia, India and China, before South Africa joined the bloc in 2010, adding the “S” to the acronym. As of 2018, combined nominal GDP of these five emerging economies amounted to $18.6 trillion.
In line with efforts to boost trade, members are working on the integration of payment systems, increasing payments in national currencies, as well as the establishment of an independent channel on information exchange. It was earlier reported that BRICS states are set to create a new joint payment system called BRICS Pay that will be similar to existing Apple Pay and Samsung Pay services.
“Cooperation in terms of developing the use of our national currencies in international settlements seems very promising,” Russian President Vladimir Putin said in June as he met BRICS leaders ahead of the G20 summit.