BRICS Summit
Kazan. 22–24 October 2024

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BRICS Expansion and New Opportunities for Business Cooperation Addressed during SPIEF 2024

A panel discussion held on 6 June 2024 at the St. Petersburg International Economic Forum (SPIEF), which was chaired by the President of the Russian Chamber of Commerce and Industry Sergey Katyrin, focused on expectations related to BRICS expansion and the accession of new countries.

In his opening remarks, Katyrin noted that BRICS countries account for a quarter of the world’s gross product, a figure that is now up to 37% with the addition of new members, and almost half of the world’s population. BRICS countries make up roughly 40% of Russian trade turnover. “We don’t think this is the limit in terms of the volume that we can achieve,” Katyrin said. “However, there are a number of problems and challenges that we will have to solve jointly in such industries as logistics, settlements, insurance, and rating agencies.” During the year of Russia’s BRICS Chairship, the Russian Chamber of Commerce and Industry is headed by the Russian part of the BRICS Business Council, he said.

Russian Deputy Minister of Economic Development Vladimir Ilyichev noted the important role that BRICS countries play in combatting the restrictive measures that are being imposed on Russia, as well as in supporting supply chains. Cooperation in the creation of free economic zones is crucial in the BRICS system, he said. Egyptian Minister of Planning and Economic Development Hala Helmy El-Said stressed that the whole world is experiencing unprecedentedly difficult times and that the accession of new countries to BRICS will strengthen the association from a political and economic standpoint.

The discussion was also attended by Russian Railways First Deputy CEO Sergey Pavlov, Gazprombank First Vice President Yekaterina Salugina-Sorokovaya, VEB.RF State Development Corporation Senior Banker Sergey Storchak, and South Africa’s Sous Sherpa for BRICS and Director of the Regional Organisations Department at the South African Ministry of International Relations and Cooperation Barend (Ben) Johannes Petrus Joubert, among others.

Wrapping up the discussion, Katyrin noted that BRICS expansion should lead to increased interaction between countries in all areas and not only in transport, logistics, and financial issues. “There are problems and obstacles that, unfortunately, are being created for us and our partners, but slow and steady wins the race,” he said. Katyrin noted that many of the steps that have been taken recently were the correct ones and that there was an opportunity to do much more during the year of Russia’s BRICS Chairship.

The Roscongress Foundation manages the events of Russia’s BRICS Chairship.

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