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BRICS Members Plan to Launch Platform to Carry out Trade Settlements

Fri 01 Mar 2024 | 06:44 AM
Flags of BRICS members. Source: IRNA
Flags of BRICS members. Source: IRNA
Taarek Refaat

Russian Finance Minister Anton Siluanov revealed a proposal that the BRICS countries are preparing, which includes establishing a platform for implementing trade settlements between the group’s member states.

Siluanov said, in an interview with “RT” on Thursday: “We are not indicating that a unified currency will be issued for the BRICS group. We always say that the BRICS countries must enhance trade among themselves, increase the well-being of their citizens, and raise the pace of growth of their economies.” Therefore, the currency used in commercial exchanges must be a stable and reliable currency by the member states, and it must not be used as a restrictive tool by any party. Therefore, we call for the use of national currencies in trade between member states.”

The Russian minister pointed out that there is a proposal to create a special platform based on digital currencies in the BRICS countries to implement financial settlements, and he said: “We (BRICS countries) are developing a proposal about creating a payment method based on digital currencies existing in our countries, such as the digital rouble or the yuan or Emirati dirham, in order to move away from the financial infrastructure of Western countries, and from the central banks in these countries and the payment system (SWIFT).”

Siluanov added, “The platform will initially serve as a tool for exchanging financial assets, and then on the basis of it, a clearing center for the BRICS countries can be established.”

He pointed out that it is planned to present the proposal on this platform during the summit of leaders of the BRICS countries in Russia this year.

This year, BRICS has witnessed a significant expansion with Saudi Arabia, Iran, Ethiopia, Egypt and the UAE joining the group that previously included Russia, Brazil, India, South Africa and China.

The BRICS group now represents 45% of the world’s population and 36% of global GDP, which exceeds the G7’s contribution of 30%.