BRICS: South-South Cooperation Bypassing the West

Moscow, Mar 26 (PTI) The strengthening of the BRICS bloc of emerging economies is changing global relations and facilitating South-South cooperation bypassing the West, a top Kremlin economic aide said Thursday.

Maxim Oreshkin was speaking at the meeting of the Russian Business and Industry Union's (RSPP) National Committee on Business Cooperation with BRICS member states when he also spoke about the growing importance of business diplomacy in today's world compared to two decades ago.

"Overall, the nature of global relationships is changing. While technology, trade, and finance previously flowed through Western countries, now ties, even blood ties, are strengthening between the BRICS countries, between the South-South countries.

"We're seeing new financial payment schemes, and we're seeing new technological solutions emerge in new growth centres. That's why these direct relationships are already playing a key role in the economy of the future," Oreshkin, the Kremlin's top economic aide, said.

Oreshkin, who is also the Deputy Chief of the Kremlin Staff, noted that business diplomacy is beginning to play a much more important role in today's world than it did 10, 15, or 20 years ago.


"Therefore, the role of business, both at the country level and in industry-specific areas, in interactions with BRICS countries and on international platforms, is now difficult to underestimate. I am convinced that the role and impact of this interaction will certainly grow," he underscored in his remarks televised by state TV Rossiya-24.

The 18th annual BRICS+ Summit will take place in New Delhi under India's Presidency later this year, with Brazil, Russia, India, China, South Africa, Argentina, Egypt, Ethiopia, Saudi Arabia, Iran, and the UAE as members.

The BRICS, originally comprising Brazil, Russia, India, China and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran and the UAE, with Indonesia joining in 2025.

Oreshkin said members of the National Committee on Business Cooperation within the BRICS group agreed to create functional country working groups.

"This is a matrix management structure. The functional focus, industry-specific focus areas, and country-specific focus areas will now be determined," he added.