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Russia hopes for a recovery in trade between the BRICS countries

Chinese President Xi Jinping with Indian Prime Minister Narendra Modi and Russian President Vladimir Putin at a BRICS summit in Goa, India in 2016. Photo: AP. Sketched by the Pan Pacific Agency.

ST. PETERSBURG, Jun 3, 2021, Pan Pacific Agency. The year 2020 for the BRICS countries in terms of economic losses “turned out to be more difficult than for the world as a whole,” Vladimir Ilichev, Russian deputy minister of economy, said during the St. Petersburg International Economic Forum. According to him, in 2020 the GDP of the BRICS countries decreased by 4%, the volume of mutual trade – by 8%, to $118B.

At the same time, trade in BRICS is recovering. The volume of Russia-BRICS Q1 foreign trade increased by 13%. “We hope that our trade to substantially make up for the 2020 losses at least, if it’s volume will not return to the volumes of last year,” the official said.

Russian version of this article is available here.

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