The economic bloc of countries known as BRICS will assume more than half of the world's economy in ten years, according to Russian Finance Minister Anton Siluanov.

Axar.az reports citing Anadolu Agency.

"The economy of the BRICS countries today occupies one third of the world economy. According to our modest calculations, by 2030 our economies will occupy more than half of the global economy," Siluanov told the VI Conference on competition under the auspices BRICS in Moscow.

Brazil, Russia, India, China and South Africa have an effect on the global business competition and it is particularly important to combine efforts of the group to eliminate trade barriers, said Siluanov.

BRICS is a group of world's biggest developing economies and includes the five nations which are also members of the G20.