“During the last six years intra-BRICS trade increased by more than 70 percent from $168 billion in 2008 to $291 billion in 2014. These figures prove that our countries have chosen the right way to develop cooperation on the economic track,” the minister said during a BRICS economic ministerial meeting in Moscow.
BRICS is an association of five major developing economies, comprising Brazil, Russia, India, China, and South Africa.
Finance ministers and heads of the central banks of BRICS countries gathered in Moscow on Tuesday ahead of the seventh BRICS summit, due to take place in the Russian city of Ufa on July 8-9. BRICS ministers of economic development and trade are also set to meet in the Russian capital on Tuesday.