1 hr ago

Xi Pitches BRICS Economic Links Through Special Zones

BRICS is a group of countries trying to work more closely on trade and economic issues.

The group has grown beyond its original five members.

Xi Jinping suggested connecting special economic zones in different BRICS countries.

These zones can make it easier for companies to build factories and invest.

India wants countries to connect their payment systems and use their own currencies for trade.

China also plans a forum about services and a zone for sharing artificial-intelligence technology.

The proposals are meant to make trade easier without creating one shared currency.

The main challenge is connecting countries with different rules, currencies and economies.

Key facts

BRICS full members: Brazil, Russia, India, China, South Africa, Iran, Indonesia, Egypt, Ethiopia and the UAE
BRICS partner countries: 10 countries participate as partners
Proposed economic network: A BRICS Special Economic Zone partnership linking special economic zones across member economies
China’s 2027 plans: Host a BRICS Service Trade Forum and establish a BRICS AI Open Source Zone
India’s priorities: Payment-system connectivity, national-currency trade, easier market access and simpler regulations
Global trade share: BRICS accounts for nearly one-fourth of global trade, according to India’s commerce ministry
Common currency: The initiatives seek easier trade without requiring a common currency or single economic market

financialexpress.com · 1 hr ago