China's Trade With BRICS Soars: A $653 Billion Boost for Emerging Markets

China's trade with BRICS nations increased by 5.1% year-on-year in the first three quarters of 2024, reaching 4.62 trillion yuan (around $653 billion). This growth reflects the deepening economic collaboration between China and other BRICS members, emphasising BRICS’ role as a vital platform for cooperation among emerging markets.

BRICS Expansion: A New Era for Economic Integration Among Emerging Markets

The BRICS group—originally comprising Brazil, Russia, India, and China, with South Africa joining in 2011—expanded in 2024 to include Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia. This enlargement has broadened the bloc's economic scope, now accounting for over one-fifth of global trade. The expansion is viewed as a major step toward enhancing the influence of emerging economies on the global stage.

Vice Minister Wang Lingjun, Deputy Director of the General Administration of Customs, emphasised that BRICS has become a key driver of economic growth for its members, fostering collaboration across various industries such as steel, textiles, and chemicals. He noted that the diverse strengths of BRICS members complement each other, creating opportunities for deeper economic integration. This cooperation helps BRICS countries protect shared economic interests, especially in an increasingly competitive global economy.

Putin Emphasises Strengthened Sino-Russian Relations Amid Global Challenges

Russian President Vladimir Putin recently underscored the strength of Sino-Russian relations, marking the 75th anniversary of the People’s Republic of China. Despite global challenges, China and Russia have managed to expand trade and complete key joint projects, strengthening their economic ties. Putin highlighted that continued cooperation between the two countries is crucial in the current geopolitical climate.

Last week, Chinese State Councilor Shen Yiqin reaffirmed China’s dedication to fostering international cooperation through platforms like BRICS and the Shanghai Cooperation Organization (SCO). She reiterated China’s support for a multipolar world and international fairness, stressing the importance of uniting developing nations to achieve shared global goals. This vision includes enhancing cooperation within institutions like BRICS to give developing countries a stronger voice in global affairs.

BRICS Enhances Global Influence Through Collaborative Framework in Key Sectors

The role of BRICS as a platform for collaboration is especially significant as emerging economies seek to navigate a complex global landscape. The cooperation framework provides these nations with the opportunity to enhance their global influence while working together on key sectors critical to their development. Wang Lingjun specifically pointed out that sectors like steel, chemicals, and textiles benefit from the synergy within the BRICS framework, enabling members to optimise their industrial production capabilities.

BRICS Faces Challenges Amid Expansion and Diverging Member Interests

Despite the positive trajectory of BRICS trade, there are potential challenges ahead. As BRICS expands its membership and scope, balancing the differing priorities and economic objectives of its members may prove difficult. Emerging markets within BRICS have varied political and economic landscapes, and maintaining a cohesive approach to global issues may strain the group’s ability to act effectively on the international stage.

With the next BRICS summit scheduled for October 22-24 in Kazan, Russia, the bloc is expected to continue discussing ways to expand its influence in global trade and policy-making. However, as BRICS members increasingly assert their economic interests, tensions may arise with established global powers, potentially impacting international trade dynamics.