Trade between BRICS countries experienced a rapid rise in 2023 after signing new deals and renewing existing partnerships and agreements. The trade deals initiated by BRICS are now putting the alliance on the global map for the sheer scale of the cross-border transactions.
According to new data from the World Bank, trade between BRICS nations is headed to reach $500 billion in 2024. While the value falls much below the average global trade, BRICS’ numbers are slowly yet steadily rising. The alliance is creating a foundation that could later turn into full-fledged trade agreements strengthening their native economies.
The important weapon that BRICS is currently hiding under their sleeves is the de-dollarization initiative. The bloc first plans to cement trade agreements and help it grow in the coming few years. Once the stage is set, BRICS could put their de-dollarization initiative to work and begin to settle trade in local currencies.
The overall idea of BRICS is to eventually cut ties with the US dollar and make local currencies thrive. The larger the trade numbers rise between BRICS, the bigger the threat grows to the US dollar. BRICS members China and Russia are aggressive in their de-dollarization efforts and are taking every step to make it a reality.
