Kazan. Countries of the BRICS+ group, meeting at their sixteenth summit of heads of state and government, proposed moving forward in the creation of an investment platform and alternative payment methods to the dollar, two of the central points of the bloc’s economic agenda.
In the first plenary session of this summit, Russian President Vladimir Putin proposed the creation of a new BRICS+ investment platform. It is about generating a mechanism to support national economies and the countries of the global south and the global east, said the host president.
The development of interbank systems between the countries of the group is very important, which is basic for development, Putin said. “We must encourage the use of our national currencies for trade, so that there is mutual support.”
In his speech on this topic, Putin said that his country proposes to create a new BRICS investment platform, which will become a powerful tool to support national economies and “will also provide financial resources to countries in the global south and east.” the Russian leader said at the BRICS summit meeting.
The BRICS+ group is made up of Brazil, Russia, India, China, South Africa, in addition to four that joined this year and, therefore, are participating in their first summit: Egypt, Ethiopia, Iran and the United Arab Emirates. Saudi Arabia, without being a formal member, participates as an associate in this summit.
In the plenary session on Wednesday morning, local time (nine hours more than central Mexico), the Brazilian president, Luiz Inacio Lula da Silva, considered that the creation of alternative means of payment for businesses should not be postponed any longer. commercial and financial operations carried out between them. Lula intervened remotely from Brasilia, given that he canceled his trip at the last minute due to medical advice, due to a blow to the head due to a domestic accident.
The Brazilian president proposed that the BRICS+ bloc increase its transactions in its own currencies – instead of only in currencies such as dollars or euros – which will reduce costs for companies, strengthen economies and improve social justice, he said.
“It is not about replacing currencies, but about working in an order that can be reflected in a common financial system. We cannot continue postponing these issues,” said President Lula.
The Indian president, Narendra Modi, pointed out in turn that financial integration between the countries of the BRICS+ group must increase.
“Trade between local currencies will increase our cooperation. India created a unified payments interface that can be used as a reference in many countries. Our belief in multipolarity and diversity is our strength.”
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