Results of the MIFEF Session: BRICS as a Driver of Global Economic Transformation
During the XI Moscow International Financial and Economic Forum, an expert session was conducted on the role of trade and economic ties between BRICS countries in shaping the global economy. Moderated by Manish Kumar, President of the Soltax Group of Companies, Deputy Chairman of the Executive Board of FBA EAC, and Professor Anna Bezdudnaya, Editor-in-Chief of the FBA EAC Herald, the session featured participation from representatives of the business community, academic circles, and international organizations from Russia, China, India, Brazil, as well as countries from Africa and the Middle East.
Gao Qi, the General Representative of China Council for the Promotion of International Trade (CCPIT) in Russia, opened the session by noting that, following the expansion of the BRICS bloc, the member countries now constitute approximately half of the world's population, a third of global GDP, and one-fifth of international trade. He emphasized a significant growth potential, highlighting that the mutual trade turnover among BRICS countries accounts for only about 10% of their total foreign trade. To address this, the China International Supply Chain Expo (CISCE), an annual event in Beijing, was introduced as a practical platform for fostering cooperation, with the next edition scheduled for June 2026.
Louis Gouend, President of the African Business Club, detailed the economic cooperation opportunities with the African continent. He reported that trade turnover between Russia and African countries reached $25 billion in 2023, accompanied by $20 billion in investments. Promising sectors for collaboration were identified as agriculture, infrastructure, renewable energy, education, and digitalization. However, Gouend also underscored the need to manage existing risks, including political instability and underdeveloped transport infrastructure in certain regions.
Alexander Biryukov, Head of the FBA EAC Representative Office in West Africa, emphasized the infrastructural aspects of BRICS cooperation. He proposed measures to enhance the International North–South Transport Corridor by extending it across the entire African continent and establishing a network of logistics hubs in key countries such as Senegal and Tanzania. Biryukov posited that the development of logistics infrastructure is crucial for strengthening trade and economic ties.
Tudor Afanasov, member of the FBA EAC Board, stressed the interconnectedness of economic cooperation with the humanitarian sphere. He emphasized that a sustainable partnership must consider social dimensions and adhere to principles of mutual respect. Afanasov suggested that the BRICS+ cooperation model offers a viable alternative to confrontational international approaches.
Evgeny Sakharov, CEO of Vostpartner Group, introduced the concept of developing a digital platform for BRICS countries. The platform aims to address mutual trust issues between business partners, streamline verification processes, and mitigate risks during financial transactions.
Vitaly Cherkasov, Doctor of Economics, analyzed factors contributing to the low implementation rate of joint BRICS projects. His data indicated that only 29% of approved initiatives progress to contract signing. To overcome this challenge, Cherkasov proposed the adoption of new methods for evaluating project effectiveness, incorporating socio-economic outcomes alongside financial metrics. He also announced the development of standardized tools for project preparation, including the BRICS Passport and Digital Deal Room.
Andrey Ostrovsky, Chief Researcher at the Institute of Oriental Studies of the Russian Academy of Sciences, presented findings on China's economic reforms over the past 45 years and their impact on the country's standing within the BRICS bloc. Rania Mashlab, representative of the International Committee of the Red Cross, discussed humanitarian cooperation opportunities within the BRICS framework, stressing the importance of the social dimension in economic partnerships.
Experts from India and Brazil participated remotely in the session. Jagat Shah, UNIDO expert, outlined prospects for enhancing trade relations between Russia and India. Gilberto Ramos, President of the Brazil-Russia Business Council, provided an overview of the current state and potential of bilateral cooperation.
In conclusion, the session's participants agreed on the substantial potential of economic integration within the BRICS framework. Key priorities were identified for its realization, with particular emphasis on developing transport and digital infrastructure. The establishment of modern logistics corridors and digital platforms was deemed essential for enhancing economic connectivity and trade efficiency. Additionally, the focus was placed on creating practical tools and standards to facilitate joint project implementation, thereby transitioning from conceptual discussions to actionable agreements and accelerating investment deployment.
The augmentation of the utilization of national currencies in bilateral transactions is acknowledged as a significant strategic initiative. This measure is intended to bolster the financial sovereignty of the BRICS nations and mitigate their susceptibility to external economic influences. The participants also concurred on the necessity to incorporate social and humanitarian considerations into economic policies. A sustainable partnership should aspire to generate not only economic outcomes but also foster social progress, cultural exchange, and an enhancement in the quality of life.