BRICS Growth: Russia-China Trade Rises

In 2024, Russia and China are on track to set a new record in their bilateral trade, highlighting the deepening economic ties between the two BRICS nations. Russian Finance Minister Anton Siluanov announced that trade between the two countries is expected to surpass last year's record-breaking figures.

During a meeting with Chinese Finance Minister Lan Fong in Moscow, Siluanov noted the robust growth in trade between Russia and China. The trade volume for the first seven months of 2024 reached $136.67 billion, reflecting a 1.6 percent increase year-on-year. This growth underscores the resilience of their partnership, even as both nations navigate the complexities of global politics and Western sanctions.

Siluanov emphasized that the growing trade between Russia and China is a key stabilizing factor in the global shift towards a multipolar world order. As members of BRICS, both countries are leading efforts to diversify global trade away from Western dominance. The partnership between Russia and China is a testament to the strength of BRICS as an economic bloc that is reshaping international trade dynamics.

A significant development in Russia-China trade is the increasing use of their national currencies. Over 90 percent of transactions between the two countries are now conducted in rubles and yuan, reducing reliance on the US dollar and strengthening the financial independence of BRICS nations. This shift is a clear indication of the growing trust and cooperation within BRICS.

Siluanov also highlighted Russia's positive economic performance, with a 4.7 percent growth in the first half of 2024, the lowest unemployment rate in history at 2.4 percent, and over 10 percent real wage growth. These strong economic indicators are bolstered by Russia's trade relations with China, demonstrating the benefits of their BRICS alliance.

The surge in Russia-China trade in 2024 is not only a significant milestone for the two countries but also a reflection of the growing influence of BRICS on the global stage. As the world shifts towards a more multipolar order, the economic partnership between Russia and China within the BRICS framework will continue to play a crucial role in shaping the future of international trade.