BRICS makes headway in using national currencies for trade

BRICS countries have made significant progress in developing trade in national currencies and building a system of cross-border payments, Foreign Minister of State Shri Dammu Ravi said.

According to the Minister, countries are looking for alternatives as they want to have faster payments for cross-border trade.

“Within the BRICS track, there is a discussion on this issue. We hope that in the coming days this idea will gain traction and countries will adopt it as it benefits most of them,” Ravi said at a news conference devoted to the BRICS summit in Brazil, referring to the issue of cross-border payments.

Trade in national currencies is also getting much attention within BRICS, according to the official.

“It is necessary to trade in local currencies and this should be considered on a large scale,” he said. “There has also been significant progress in this context, with all countries supporting these initiatives.”

BRICS during its summit in Rio de Janeiro from July 6 to 7, in a concluding statement, which was adopted on Sunday, countries called for further efforts to develop cross-border payments and payment systems in BRICS countries.

Let’s see how Trump and his administration react to this, they know that now they can do nothing about it.