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Cryptocurrency News Articles
BRICS Discussing Common Payment System and National Currencies for Trade
Oct 23, 2024 at 09:30 am
BRICS nations are actively discussing the development of a common payment system and promoting the use of national currencies for trade
BRICS nations are actively discussing the development of a common payment system and promoting the use of national currencies for trade, Indian Foreign Secretary Vikram Misri said on Friday. Speaking during a briefing about India's participation in the BRICS Summit in Kazan, Misri said that while no definitive agreements have been reached, the discussions have been "intense."
"There have been intense discussions. The discussions have covered the possibility of creating a common BRICS payment system, and also promoting the use of national currencies for settlement purposes, especially as it comes to or as it pertains to trade," Misri said in response to a question from the press.
"Some studies and research have also been commissioned on these matters and some of the studies have already been presented to the BRICS members for their further consideration," he added.
Misri noted that the strengthening of correspondent banking networks between BRICS nations is seen as an important first step.
"There is emphasis on doing this on a bilateral basis, and once there is greater certainty and experience that is gained, to do it on a multilateral basis as well," he said.
The official also highlighted the importance of creating systems that would allow settlements in local currencies, particularly for trade transactions.
"It is a fact that the countries have stressed the importance of the use of local currencies for settlement purposes, especially as it comes to the countries have agreed that there will be a common approach to the matter of currency swaps," he added.
Meanwhile, Gao Jian, an expert from the Center for Comparative Cultural Studies at the Shanghai Institute of Foreign Languages, stressed the importance of establishing an independent payment mechanism among BRICS members. He argued that this would improve the bloc's ability to resist financial crises and economic pressures.
"Creation of the independent mechanism of currency payments among BRICS countries will facilitate progressing of economic and trade cooperation within the BRICS mechanism and increase the capability of member-countries to withstand financial crises and economic pressure," Gao said in an article published by the Xinhua News Agency.
Describing the trend as "irreversible," he opined: "The BRICS countries collectively account for 45 percent of the global population and 36 percent of the world's GDP by purchasing power parity, which surpasses the G7 countries."
"Collectively, the BRICS countries possess major economies and significant energy resources, which enables them to play a key role in reforming the global financial system. These factors provide for the important position of the BRICS cooperation mechanism in the sphere of reforms of the global financial systems and support of the international economic order," Gao added.
According to the expert, there are numerous technical options to be considered in developing the mechanism. "The independent mechanism of currency payments cannot be created at once and it should be the gradual development process," he noted.
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