The BRICS alliance is poised to reshape the global economy, with projections indicating it will account for around 40% of the world’s economy by 2030, while the Western bloc’s share is expected to decline to 27%, according to Russian Economic Development Minister Maksim Reshetnikov. Highlighting the bloc’s expanding influence, Tass quoted Reshetnikov as saying:

By 2030, BRICS will account for around 40% of [the] economy, while the [share of the] Western block will equal 27%.

He emphasized that under Russia’s presidency, BRICS has advanced cooperation in key areas such as trade, tourism, climate policies, and technology. Moscow sees this shift as an opportunity to strengthen ties with emerging markets and reduce dependence on Western economic structures. BRICS is an international alliance of Brazil, Russia, India, China, South Africa, Egypt, Iran, the United Arab Emirates (UAE), Ethiopia, and Indonesia. Saudi Arabia has been invited but has not joined.

Reshetnikov reiterated Russia’s commitment to an open economy, stating that Russia “remains an open economy, and for boosting trade and investment we will continue expanding the chain of our free trade agreements, we are not afraid of competition.” He also stressed Moscow’s dedication to strengthening multifaceted cooperation in global organizations, including the World Trade Organization and the Paris Agreement.

Regarding Russia’s expanding economic engagement, he noted:

Last year we seriously stepped up cooperation with African countries.

Another key factor in Russia’s economic stability, according to Reshetnikov, is its deepening collaboration with the Eurasian Economic Union (EAEU). “It ensures not only a single economic environment for exports and investments, but supplies we need as well,” he concluded. As BRICS nations increase their economic integration, their collective market influence is expected to challenge the Western-led financial order. Russia’s focus on BRICS and the EAEU reflects a strategic shift toward alternative markets as global economic dynamics continue to evolve.

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