Eurasian Economic Union-BRICS Turnover Increases by 60 Pct

On Wednesday, as part of the first day of the Eurasian Economic Forum (EEF) held in Moscow, policymakers discussed the key areas of cooperation between the Eurasian Economic Union (EAEU), the Shanghai Cooperation Organization (SCO), and the BRICS.

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Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich said that if we look at the volume of foreign trade of the EAEU members with the SCO and the BRICS, last year increased by more than 40 percent. At the same time, the union’s exports increased 1.6 times.

“The main trading partner of the union today is China. It accounts for 23 per cent, up from 15 per cent in 2015. India’s share is growing and this is very encouraging,” he said.

“The development of concerted joint measures and actions to help strengthen cooperation between member states in the areas of security, trade and economic cooperation, investment, energy, transport and scientific and cultural ties is being actualised,” the SCO Deputy Secretary Nuran Niyazaliev said.

“These issues are permanently on the agenda of the SCO Secretariat. We actively cooperate with the standing bodies of the CIS, CICA, ASEAN, CSTO, OECD and EEC,” he added.

The SCO Deputy Secretary stressed: “The New Development Bank established by BRICS countries, located in China, like the SCO Secretariat, will promote closer cooperation and exchange of experience in finance, investment and interbank cooperation”.

Dmitry Volvach, Russia’s Deputy Minister of Economic Development, gave the main indicators reflecting the volume of Russia’s mutual trade with the BRICS countries and the EAEU states with the five countries.

“By the end of 2022, Russia’s trade turnover with the five countries amounted to US$230 billion and increased by more than 40 per cent compared to 2021. The trade turnover between the BRICS countries and the EAEU countries at the end of 2022 was US$263 billion, an increase of more than 60 per cent compared to the previous year,” he said. 

Liu Xuesong Plenipotentiary Minister, Embassy of the People`s Republic of China in the Russian Federation, stressed that China will continue to strongly support and actively promote multipolarity and globalisation, which is a constant trend in historical development. 

“The trend of globalisation has given the main impetus to cooperation between the EAEU, SCO and BRICS. All the countries of these associations are facing common challenges – economic development, improvement of living standards of the population, as well as strengthening external cooperation in the spirit of openness and mutual benefit,” he said.

Anil Sooklal, South Africa’s Sherpa to BRICS, expressed hope that the EAEU, SCO and BRICS can play a leading role in world processes when Russia takes over the BRICS chairmanship in 2024.

“Our organisations that will work together will demonstrate the very synergy that is needed to build a new global architecture. Our focus is on the interaction between the five countries and the states of the African continent,” he said.

“This year, all African leaders will meet with BRICS leaders, and these meetings are a clear indication of the global community’s interest in the BRICS development,” Sooklal added.

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