BRICS countries' experts identify new drivers of business partnership

TABNAK, Jun. 06 - Participants at the St. Petersburg International Economic Forum discuss effective mechanisms for strengthening cooperation among BRICS economies

News ID: 7473

Date: 06 June 2026 - 13:27

BRICS intra-group trade exceeded the symbolic threshold of US$1 trillion in 2025, according to Irina Abramova, Director of the Institute for African Studies of the Russian Academy of Sciences. She reminded participants of the 29th St. Petersburg International Economic Forum (SPIEF) of this milestone during a BRICS Business Council session titled “New Drivers of Business Partnership within BRICS”, held with experts from India, Brazil, China, and South Africa.

eksperty-iz-stran-briks-oboznachili-novye-drayvery-delovogo-partnerstva-vnutri-obedineniya (6).jpgPhoto: Roscongress Foundation photo archive

International experts agreed that the business community plays a central role within the group. To support this, the National Committee for BRICS Business Cooperation was established in February this year by order of Russian President Vladimir Putin. Denis Agafonov, Head of the Presidential Expert Directorate of the Russian Federation, suggested that the initiative is likely to be in high demand and further developed.

“Business is, by definition, more decentralised, more flexible, and more focused on achieving practical results. Therefore, concepts such as business diplomacy are gaining additional importance and value under current circumstances. One of the tasks of the National Committee is to give this process a more coordinated character, including supporting major business associations operating within the BRICS space in terms of positioning, prioritising areas of cooperation, and building communication,” Agafonov said.

This year, under India’s BRICS Presidency, particular emphasis is being placed on sustainable development and innovation. Vinay Kumar, Ambassador Extraordinary and Plenipotentiary of India to the Russian Federation, highlighted the importance of ensuring progress for future generations.

“People are at the centre of BRICS activities during India’s presidency and during our meeting today. […] India’s objective during its presidency is to build partnerships and emphasise once again that everything we do is for people. New connections will contribute to the development of all of us. The BRICS Summit, which will take place in September this year, will be an important event for the entire grouping. The 10 member states and partners represent 50 per cent of the world’s population, 50 per cent of global GDP and 35 per cent of global trade. These are not just statistical figures. We are billions of people responsible for the decisions we make. All member countries we work with share a common vision and common goals,” Kumar said.

Following India, China is set to assume the BRICS Presidency in 2027. According to Xu Liu, President of a subsidiary financial institution of a major Chinese bank, financial cooperation among BRICS countries faces a number of challenges, which China is ready to help address.

“China proposes, first, to deepen the development of domestic markets and production chains. Second, to adhere to pragmatism and expand cooperation in infrastructure projects and pilot programmes for settlements in national currencies. We should support the New Development Bank in playing a more active role in strengthening settlements, financing and investment in the national currencies of member states. 2027 will be the Year of China in BRICS. […] We will focus on cooperation in key areas such as digitalisation, intelligent development, green transformation and sustainable development in order to achieve practical results,” Xu Liu stressed.

The importance of creating a unified payment system was also highlighted by Elias Monage, representative of South Africa and member of the BRICS Business Council.

“Payment systems are a truly critical issue. Trade depends on effective payment mechanisms. Without reliable payment systems, trade cannot function properly. Therefore, finding practical solutions in this area remains one of our priorities,” Monage said.

Experts noted the effectiveness of bilateral cooperation within BRICS, stressing that such experience could be expanded to the entire grouping. In this regard, cooperation between Russia and Brazil in agriculture was highlighted as a key example. Pavel Cardoso, Chair of the Brazil–Russia Business Council and President of the Brazilian Coffee Industry Association, noted that BRICS has become an effective platform for economic and business cooperation.

Coordinating Minister for Infrastructure and Regional Development of Indonesia Agus Harimurti Yudhoyono, in an exclusive interview at the TV BRICS studio in the Roscongress International Cooperation Area at the St. Petersburg International Economic Forum (SPIEF), stated that BRICS opens new opportunities for Indonesia’s economic growth, regional initiatives and investment attraction.

“By joining BRICS and through dialogues such as this one at the St. Petersburg International Economic Forum, we can present ideas from Indonesia and also represent ASEAN and Southeast Asian nations, which are a major market. We can strengthen communication and open opportunities for investment,” Yudhoyono said.

He also emphasised the importance of strengthening ties between governments, business communities and society to facilitate knowledge and technology exchange.

"I am confident that if we improve and strengthen partnerships not only at the government-to-government level but also through business-to-business and people-to-people connections, through student exchanges and scholarship programmes, there will be greater knowledge transfer. In the end, through the right mechanisms, we can ensure fair technology transfer," the Minister stressed.

Experts also highlighted the value of dialogue within the group, which is further advanced by the St. Petersburg International Economic Forum. TV BRICS serves as an information partner of the 29th Forum.