BRICS Nations Explore Strategies to Reduce Trade Transaction Costs
According to the International Desk of Webangah News Agency, BRICS member states are examining practical strategies to reduce the costs of commercial transactions, with the objective of enhancing economic cooperation and investment within the group, as reported by Tas News Agency, citing Mehr News Agency data.
An Indian government official, involved in the preparations for the BRICS summit scheduled for September 12-13, stated that discussions are underway regarding the increased utilization of national currencies in trade exchanges and the establishment of frameworks for central bank digital currencies. The aim is to identify practical approaches for decreasing the costs of bilateral trade.
The official emphasized that these initiatives are intended to complement existing global payment and settlement systems rather than replace them. According to the official, these plans are not directed against any specific country or group and are being pursued within the framework of cooperation among the finance ministers and central bank governors of the member states.
He further elaborated that these discussions are technical and practical in nature, with the goal of deepening trade and investment cooperation among BRICS members.
The Economic Times previously reported that India, currently holding the BRICS presidency, is likely to present a proposal at the group’s summit for integrated cross-border digital payments and the use of central bank digital currencies among member countries.
The current member states of BRICS include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, Saudi Arabia, and Indonesia.
