The World Bank has released up-to-date data, showing that trade exchanges among member states of the BRICS group of Brazil, Russia, India, China, and South Africa are expected to reach 500 billion dollars in 2024.

According to The Iran Project,According to Watcher.Guru website, the BRICS group experienced a rapid surge in 2023 after its member states signed new deals and renewed existing partnerships and agreements. The trade deals among BRICS members now encompass a greater share of international transactions.

The new data from the World Bank shows that trade volume among BRICS nations is mounting to reach $500 billion in the next year that and despite the fact that the amount stands much below the average global trade, the number of BRICS member states is rising gradually but steadily. The alliance has started paving the ground for establishing full-fledged trade agreements, which can enhance the member states’ economies.

The vital weapon of the BRICS group is the de-Dollarization initiative. The bloc plans to strengthen trade accords and then, it wants to develop them in the coming years. Following a successful process in this stage, the BRICS group would be able to pursue the de-dollarization initiative and kick off trade settlements in local currencies.

Over 40 countries, including Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, the Comoros, Gabon, and Kazakhstan expressed interest in joining the forum, according to 2023 summit chair South Africa.