The combined economies of the BRICS member states – Brazil, Russia, India, China and South Africa – are set to expand by about 20 percent in roughly a decade, Russian Finance Minister Anton Siluanov has announced.

“The BRICS countries’ economy today accounts for a third of the global economy. According to our conservative estimates, by 2030 our economies will make up more than half of the entire world economy,” Siluanov said at the BRICS International Competition Conference in Moscow on Wednesday.

Members of the alliance continue to work on eliminating trade barriers between them and can set an example for other counties, the minister added.

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BRIC was established in 2006 by Brazil, Russia, India and China, before South Africa joined the bloc in 2010, adding the “S” to the acronym. As of 2018, combined nominal GDP of these five emerging economies amounted to $18.6 trillion.

In line with efforts to boost trade, members are working on the integration of payment systems, increasing payments in national currencies, as well as the establishment of an independent channel on information exchange. It was earlier reported that BRICS states are set to create a new joint payment system called BRICS Pay that will be similar to existing Apple Pay and Samsung Pay services.

“Cooperation in terms of developing the use of our national currencies in international settlements seems very promising,” Russian President Vladimir Putin said in June as he met BRICS leaders ahead of the G20 summit.

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