Expert: BRICS to overtake EU in global trade
BRICS will be able to overtake the European Union in the foreseeable future and become the leader in terms of global trade, RIA Novosti reports
Svetlana Frumina, the Acting Head of the Department of Global Financial Markets and Fintech at Plekhanov Russian Academyy of Economics, said that BRICS – with the introduction of proposed innovations in the area of independent cross-border settlement and depository infrastructure, which will ensure the use of national currencies in international settlements – will demonstrate its superiority in terms of trade volumes, inclusive development and a fair world order in the foreseeable future.
She noted that the BRICS large-scale expansion is resulting in strengthening its position in the global economy both in terms of GDP size and trade.
Since its foundation, BRICS has increased its share in world trade by almost one and a half times — to 21.6 percent by late 2023, second only to the European Union (among such associations).
