Trade Turnover Between Saudi Arabia, BRICS Tops $160Bln in 2022
© Wu HongStaff worker stands behind national flags of Brazil, Russia, China, South Africa and India to tidy the flags ahead of a group photo during the BRICS Summit at the Xiamen International Conference and Exhibition Center in Xiamen, southeastern China's Fujian Province, Monday, Sept. 4, 2017.
© Wu Hong
TUNIS (Sputnik) - The trade turnover between Saudi Arabia and the BRICS countries increased by $32 billion in a year and exceeded $160 billion in 2022, which is almost twice as much as in 2017, Saudi Arabian Foreign Minister Faisal bin Farhan Al Saud said on Friday.
"Relations with the BRICS nations are showing significant growth, reflecting the development of ties with the group's countries. The total volume of bilateral trade with the BRICS countries increased from $81 billion in 2017 to $128 billion in 2021. In 2022, the level exceeded $160 billion," the minister was quoted as saying by the state-run news agency.
BRICS unites the world's largest developing economies — Brazil, Russia, India, China, and South Africa. A number of other countries intend to join the economic bloc, including Argentina, Iran, Indonesia, Turkiye, Saudi Arabia, and Egypt. South Africa, which assumed the rotating BRICS presidency in January, will host the 15th BRICS summit in August.