1 hr ago

BRICS Summit to Focus on Payments, Trade and Market Access

BRICS is a group of 11 countries that want to cooperate more closely.

Their leaders are expected to discuss making payments between countries easier.

They are also expected to discuss increasing trade among member countries.

Some members want to use their own currencies more and depend less on the US dollar.

The group is an important source of imports for its members, but it sells less to one another than it buys.

India wants better access to markets such as China, Russia and Indonesia.

Indian businesses also want fewer customs rules, paperwork and regulatory barriers.

They have suggested using the rupee and UPI to make international payments simpler and cheaper.

Key facts

BRICS membership: The bloc comprises 11 countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates.
Intra-BRICS exports: Members export about $1.1 trillion to one another, equal to 18.8% of their combined global exports.
Intra-BRICS imports: Members import about $1.4 trillion from fellow BRICS countries, representing 29.5% of their global imports.
Share of world exports: Intra-BRICS exports account for 4.1% of world exports.
Share of world imports: Intra-BRICS imports represent 5.4% of world imports.
India’s trade priority: India is seeking better market access in China, Russia and Indonesia, action on non-tariff barriers and more higher-value exports.
Payment proposals: PHDCCI proposed wider use of currencies including the rupee and using UPI for cross-border payments.

businesstoday.in · 1 hr ago