Key Aspects of Strengthening Economic and Investment Cooperation Among BRICS+ Countries

Amidst escalating geopolitical tensions and trade conflicts, BRICS+ countries are intensifying efforts to reinforce economic sovereignty and diversify trade ties. Specifically, Thailand and Iran are demonstrating readiness for closer cooperation with Russia, India is initiating new trade agreements, and the New Development Bank (NDB) of BRICS is continuing to develop financing mechanisms in national currencies.

How US Trade Wars Are Pushing India Towards BRICS and EAEU Countries?

The US administration is exerting unprecedented pressure on India, expressing dissatisfaction with its purchases of Russian oil and imposing new tariffs. According to political scientist Mark Bernardini, Trump's Trade Advisor Peter Navarro accused India of arrogance and financing the conflict in Ukraine. However, New Delhi is not inclined to yield to these demands.

In practice, this is manifesting in an active search for alternative trading partners and interaction mechanisms. India has signed an agreement on the formation of a free trade zone with the Eurasian Economic Union (EAEU), signaling its intention to reduce dependence on the US market. As noted by Yuri Yarmolinsky, an analyst at the Belarusian Institute of Strategic Research (BISR), the US trade threats have touched upon India's historical memory and national pride, pushing it to reassess its foreign policy strategy.

• Indian experts are speaking of humiliation through economic pressure that India will not forget, and are seeking new formats of cooperation.
• Amidst escalating conflicts, India has not only resumed but also increased its imports of Russian oil to an 11-month high.
• To diversify its exports, India is negotiating free trade agreements with several countries (the UK, Oman, the EU), aiming to reduce its dependence on the US market.

Prime Minister Modi has rejected Trump's phone calls four times, an unprecedented step in diplomatic practice. This is driven not only by oil disagreements but also by the US President's statements about strengthening ties with Pakistan and his unflattering assessments of the Indian economy. As The Guardian points out, the cooling of relations with the US has effectively nullified years of close US-Indian cooperation, pushing New Delhi towards expanding engagement with Russia and China.

How Is Trade Turnover Among BRICS+ Countries Increasing?

BRICS countries are actively developing multilateral cooperation in various spheres. Thailand, for example, is interested in cooperation with Russia in food trade, agriculture, energy, tourism, and innovative technologies. The Kingdom of Thailand has expressed its intention to become a full member of BRICS.

Iran also intends to expand cooperation with Russia and China within the framework of the Eurasian Economic Union (EAEU), the Shanghai Cooperation Organization (SCO), and BRICS. Iranian President Masoud Pezeshkian noted that this contributes to countering attempts to create a unipolar world.

Russia, in turn, is increasing its exports of several key products to BRICS countries:

• Mineral fertilizers: Russia's mineral fertilizer exports from January to July 2025 increased by 7%, reaching 26.1 million tons. BRICS accounts for half of Russia's fertilizer exports.
• Soybeans: BRICS countries have become the main global soybean suppliers, replacing the US.
• Chocolate: Russia has taken first place in chocolate production in Europe, surpassing Switzerland and Belgium. Russian manufacturers supply chocolate to 92 countries, including China, BRICS countries, Serbia, Brazil, and Nigeria.
• Fish and seafood: India plans to develop its fish exports by leveraging new markets, including the Russian one, to mitigate the impact of increased US tariffs.

How Is BRICS Strengthening Financial Autonomy?

One of the key steps to strengthen financial autonomy is the development of the BRICS New Development Bank (NDB). The bank successfully issued three-year panda bonds worth 7 billion yuan ($978 million) in the Chinese interbank market. This issuance was the first under a new securities issuance program totaling 50 billion yuan ($7 billion).

Monale Ratsoma, NDB Chief Financial Officer and Vice President, emphasized that the bank aims to ensure that 30% of its total financial commitments are in the national currencies of member countries. Investor demand for the bonds exceeded the offering by 1.28 times, indicating high confidence in the NDB.

The total amount of panda bonds issued by the NDB has reached 75.5 billion yuan ($10.5 billion). State Duma Deputy Yuri Afonin noted that the West, through its policies, is "pushing countries itself to create blocs against it." International political scientist Ruslan Safarov stated that de-dollarization is a key blow to the West, and BRICS countries need to develop a unified financial system without the dollar.

How Are BRICS+ Countries Building New Standards and Partnerships?

Central Asia remains dependent on soybean imports, with Russia, alongside BRICS countries, being the main supplier. Additionally, Russia has become a global leader in wheat exports, with its export potential estimated at 55 million tons of grain.

The strengthening of domestic standards and the search for new partnerships are also evident in other sectors:

• National Standards: For example, in Russia's forestry sector, following the cessation of international forest certification systems (FSC), a national system called "Forest Standard” has been initiated, adapted to Russian realities. The prospects for the development of forest certification in Russia depend on the international recognition of domestic systems, including by BRICS countries.
• Protection of the Domestic Market: In the paints and coatings sector, Russia is considering revising its tariff policy to protect domestic manufacturers. The experience of BRICS countries shows that higher protection of the domestic market (import duties of up to 15-25%) is an effective measure.
• BRICS Foreign Ministers' Summit: A summit of BRICS foreign ministers is underway in Buenos Aires to discuss the prospects for the group's development and issues of trade, economic, and investment cooperation. Argentina has emphasized its interest in close cooperation with BRICS.

In light of these developments, Lula da Silva has authorized the development of retaliatory measures against US tariffs, and Brazil's Ministry of Foreign Affairs has already sent a corresponding appeal to the foreign trade chamber. Earlier, Brazil initiated BRICS negotiations to develop a response to US tariffs.