Permanent payment system will be an important point in BRICS summit, Russian Foreign Ministry informed

1 year ago newscubic

The BRICS summit is to be held in South Africa next month. Meanwhile, the Russian Foreign Ministry has issued a statement regarding the BRICS summit.

The Russian Foreign Ministry said BRICS countries will discuss a number of important topics at their summit next month, including the establishment of a long-term payment system for cross-border commerce.

Russian Foreign Ministry issued a statement

Referring to the summit to be held in Johannesburg, South Africa from August 22 to 24, the ministry said the issue will be addressed during the leaders’ upcoming meeting in view of the current international situation, RT reported.

According to the Russian Foreign Ministry, the use of national currencies in cross-border commerce is hindered by such things as their restricted convertibility and high volatility compared to the US dollar. The government has also acknowledged that launching a new BRICS common currency will likely be a delicate process.

Focus will be on alternative currencies

Actually, BRICS countries are trying to move ahead of the US dollar in mutual trade. As RT reports, many developing countries such as Russia, China, India, Brazil and South Africa have started moving towards alternative currencies in trade.

The summit will run from 22 to 24 August

Explain that the 15th BRICS summit will be held at the Sandton Convention Center in Johannesburg, South Africa from 22 to 24 August. It will be attended by representatives from Brazil, Russia, India, China and South Africa.

Russian President Putin will participate in the conference virtually

Earlier, South Africa had informed that Russian President Vladimir Putin would not be traveling to their country for the summit. However, later the Kremlin made it clear that Russian President Putin would participate in the summit virtually. Let us tell that the first BRICS summit was held in 2009 in Russia. After the formation of BRICS, South Africa was invited to join the grouping in 2010.