In what is certainly important news for the BRICS alliance, Russia and China’s bilateral trade has exceeded the country’s target of $200 billion, all without using the US dollar. Indeed, Russian President Vladimir Putin told Tucker Carlson in the highly-publicized interview.
Additionally, Putin called trade with China “well balanced,” and “mutually complementary” in the interview. Moreover, Putin emphasized the growth trajectory of the BRICS economic alliance as a whole. Specifically, referencing the alliance’s ascension in global GDP to surpass the G7 nations.
China & Russia Surpass $200 Billion Trade Goal in National Currencies
Throughout 2023, a massive global story was the rise of the BRICS economic alliance. Indeed, the bloc had renewed de-dollarization initiatives following Russian sanctions. Moreover, it enacted its first expansion effort since South Africa joined in 2001. Specifically, finalizing the presence of Iran, the United Arab Emirates (UAE), Saudi Arabia, Egypt, and Ethiopia in the alliance.
Many of those plans and policies that began last year are set to continue in 2024. Moreover, the bloc has now been placed under the presidency of Russia. Just a month into the new year, Russian President Vladimir Putin has already made headlines after his interview with American news anchor Tucker Carlson.
There, he spoke about the alliance’s economic ascension. Specifically, he noted that the BRICS bloc has seen China and Russia surpassed their bilateral trade goal, already reaching $240 billion. Moreover, that trade took place in national currencies, not the US dollar.
Speaking to Carlson, Putin said that Russia and China “set a goal to reach $200 billion in mutual trade with China this year.” Moreover, the current state of bilateral trade has exceeded the country’s yearly goal.
Alternatively, Putin discussed the BRICS bloc, and its GDP status. He noted that in 1992, the bloc had accounted for just 16% of the world economy, with G7 countries maintaining 47%. However, they now have surpassed the G7 nation in that statistic.
Moreover, Putin stated this has “nothing to do with the events in Ukraine. This is due to the trends of global development and world economy,” calling the continued global shift “inevitable.” Saying it was “like the sun, you cannot stop the sun from rising, you have to adapt to it.”