Data from the World Trade Organization indicate that, at the end of 2023, the volume of trade of the BRICS countries with other countries of the world and with each other reached $10.4 trillion, or 21.6% of the volume of entire global trade. Thus, the group’s share has increased 1.48 times since its founding in 2006.”
At the same time, compared to other trade unions, BRICS ranks second after the European Union, whose turnover last year amounted to $14.3 trillion, with a share of 29.7%.
The USMCA (the free trade agreement concluded by the United States, Mexico and Canada) comes in third place in terms of trade volume. The total volume of exports and imports of its member countries reached $7.6 trillion at the end of last year, allowing it to occupy a share of global trade amounting to 15.7%.
The share of the Association of Southeast Asian Nations (ASEAN), which consists of Brunei, Vietnam, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand and the Philippines, in global trade reached 7.4%, and the volume of trade between these countries amounted to 3.5 trillion dollars.
The BRICS group was founded in 2006. It currently includes Russia, Brazil, India, China and South Africa, as well as Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia. At the beginning of January this year, Russia assumed the presidency of this group. The Russian presidency is held under the slogan of strengthening multilateralism for development and just security in the world. On October 22-24, the group will hold its summit in the Russian city of Kazan.
Source: Novosti
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