Among expansion talks and a new BRICS Currency, there are plenty of topics up for discussion for the BRICS Alliance at the upcoming summit. Just weeks away, there are still many questions surrounding the meeting. According to a Russian diplomat, new payment infrastructure will be a priority topic to discuss among the BRICS nations at the summit.
The Deputy chief of mission at the Russian embassy in India, Roman Babushkin says BRICS members “have been taking steps to switch to settlements in national currencies for quite some time now.”
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Speaking at a roundtable organized by the India Foundation on “BRICS Expansion and Currencies”, Babushkin said BRICS members have been taking “consistent steps to switch to settlements in national currencies for quite some time now.” Additionally, he adds that BRICS is working out new payment mechanisms.
There are different opinions on currency amongst the BRICS nations. Brazilian President Luiz Inácio Lula da Silva has shown his support for using the Chinese Yuan for trade. Russia hasn’t talked too much publicly about the Chinese Yuan on the other hand.
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There are over 40 countries worldwide eyeing a spot in BRICS+ if expansion is agreed upon at the summit. Multiple of them, especially in South America, are already ditching the US Dollar in favor of the Chinese Yuan. However, it will be important for BRICS to find common ground on currency and payment infrastructure at the summit.