Key Takeaways
- The BRICS coalition backs the use of national currencies to reduce reliance on external payment systems.
- Adopting local currencies aims to streamline international trade among member states.
- Strengthened supply chains and payment systems are highlighted to boost trade flows.
- The declaration also emphasizes the role of the BRICS Business Council and the Women’s Business Alliance in implementation.
Johannesburg: BRICS members stand for the use of national currencies in international trade, as well as financial settlements within the association, a declaration of the BRICS summit in South Africa’s Johannesburg said on Thursday.
We stress the importance of encouraging the use of local currencies in international trade and financial transactions between BRICS and their trading partners.
We also encourage strengthening of correspondent banking networks between the BRICS countries and enabling settlements in the local currencies,” the declaration read.
The association also advocates further cooperation with a view to strengthen supply chains and payment systems between its members.
“We encourage further cooperation among BRICS countries to enhance the interconnectivity of supply chains and payment systems to promote trade and investment flows. We agree to strengthen exchanges and cooperation in trade in services as established in the BRICS Framework for Cooperation on Trade in Services, with the BRICS Business Council and BRICS Women’s Business Alliance (WBA) with the aim to promote implementation of BRICS Trade in Services Cooperation Roadmap and relevant documents including the BRICS Framework for cooperation in Trade in Professional Services,” the declaration read.
