After Oil, BRICS Accounts For 72% of the World’s Rare-Earth Metals
After the BRICS expansion in 2024, the alliance officially accounts for 42% of the global oil and gas reserves. If that wasn’t enough, BRICS now accounts for the majority of the rare-earth metals reserve totaling to 72%. This gives the alliance an added advantage in global trade in the oil and rare-earth metals sectors. Also Read: BRICS: US Dollars in Hard Cash Worth Millions Flown to Zimbabwe BRICS countries complement each other for the extraction of critical minerals and production. The cooperation could leas to mutual trade within BRICS members and ensure the continuity of the supply. The alliance can also decide on the stability of the prices and be ahead in decision-making. BRICS 2024 Summit: Oil & Rare-Earth Metals To Be Discussed Source: AFP Latest reports indicate that the alliance will discuss oil and rare-earth metals trade in the next BRICS summit. The geological trade deals could be rewritten giving the bloc an undue advantage in settling cross-border transactions....