China‘s trade with BRICS countries experienced a significant increase of 5.1% year-on-year, reaching 4.62 trillion yuan (around $653 billion) in the first three quarters of 2024. The State Council Information Office of China held a press conference on Monday where Vice Minister Wang Lingjun, the Deputy Director of the General Administration of Customs, emphasized the vital role of the BRICS cooperation mechanism in bringing together emerging markets and developing nations.
Wang noted that this collaboration is crucial for protecting the shared interests of these countries. He reported that trade between China and BRICS nations saw a growth of 5.1% from January to September, underscoring the framework’s significance as a platform for fostering partnerships among developing economies.
With the recent inclusion of five new members earlier this year, BRICS now accounts for more than one-fifth of global trade, enhancing its influence within the world economy. Wang highlighted the complementary strengths of BRICS nations in producing industrial intermediate goods, particularly in sectors such as steel, chemicals, and textiles.
Initially formed in 2006 by Brazil, Russia, India, and China, BRICS expanded in 2011 to include South Africa. This year, the group welcomed Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia as full members starting January 1. The next BRICS summit is scheduled for October 22-24 in Kazan, Russia, under Russia’s presidency.
In a recent message commemorating the 75th anniversary of the People’s Republic of China, Russian President Vladimir Putin highlighted the enduring partnership between Russia and China. He pointed out that both countries have successfully increased trade volumes and completed significant projects despite global challenges, emphasizing the necessity of maintaining strong cooperative ties.
Moreover, Chinese State Councilor Shen Yiqin reaffirmed China’s commitment to enhancing relations with Russia during an event at the Russian embassy in Beijing. She expressed China’s eagerness to deepen international collaboration, particularly through platforms like BRICS and the Shanghai Cooperation Organization (SCO). Shen stressed the importance of promoting multipolarity, supporting international fairness, and strengthening cooperation within these global institutions to unify the Global South and work towards shared global goals.
