China’s trade relations with BRICS nations continue to thrive, marking a 5.1% year-on-year increase in the first nine months of 2024, according to the Chinese government. Vice Minister Wang Lingjun of the General Administration of Customs announced on Monday that trade with BRICS countries reached 4.62 trillion yuan ($653 billion), solidifying the bloc’s significance in global trade dynamics.
Strengthening Emerging Market Collaboration
During a press conference hosted by China’s State Council Information Office, Wang emphasized the importance of the BRICS cooperation framework in uniting emerging markets and protecting the shared interests of developing economies. The trade bloc—originally composed of Brazil, Russia, India, China, and South Africa—now wields even greater economic influence following its 2024 expansion, which welcomed Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia as full members.
With this expansion, BRICS now accounts for more than 20% of global trade, positioning itself as a formidable player in the world economy. Wang highlighted the complementary strengths of member nations, particularly in key industries such as steel, chemicals, and textiles, where collaboration on industrial goods is driving further trade synergy.
Strategic Partnerships in the Global South
The deepening economic ties between China and Russia also reflect the bloc’s broader goals. Russian President Vladimir Putin recently underscored the resilience of China-Russia relations, noting both countries’ ability to expand trade volumes and execute large-scale projects despite global challenges. Putin’s remarks coincided with celebrations marking the 75th anniversary of the People’s Republic of China, further affirming the importance of cooperation between the two nations.
Additionally, Chinese State Councilor Shen Yiqin reiterated China’s commitment to fostering stronger ties with Russia and other BRICS nations through collaborative platforms like the Shanghai Cooperation Organization (SCO). She emphasized Beijing’s support for multipolarity and international fairness, underlining the importance of cooperation to unify the Global South and build a shared global future.
Also Read: BRICS Expansion – Bloc Set To Grow To 20 Nations At 2024 Summit With 11 New Members
BRICS Summit to Shape Future Agenda
The next BRICS summit, set to take place in Kazan, Russia, from October 22-24, will be a crucial event for determining the group’s future direction under Russia’s presidency. As geopolitical tensions reshape trade alliances worldwide, BRICS aims to position itself as a counterbalance to Western-led economic structures, promoting a more equitable global trade landscape.
China’s growing trade with BRICS members signals a shift in the global economy, where developing nations are increasingly aligning to enhance cooperation and protect their interests. With new members and a collective focus on industrial collaboration, BRICS is poised to play an even larger role in the evolving world order.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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