BRICS Nations have started a discussion on mutual payments in national currencies in an attempt to move away from the dominance of US Dollars. According to Tass, this was stated by Russian Foreign Minister Sergey Lavrov said in the report printed in the South African magazine on occasion of the 10th BRICS summit in Johannesburg.
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“Among other business accomplishments of the five BRICS nations, it is worth discussing the setting of the mechanism of the BRICS Contingent Reserve Arrangement (CRA) and the launch of a practical dialogue on mutual payments in national currencies,” Lavrov wrote.
Russia’s top officials anticipate that “new initiatives to improve communication in the field of energy research and female entrepreneurship will also be made,” adding significance to the practical results of South Africa’s Chairmanship in BRICS.
BRICS is an acronym standing for five nations i.e. Brazil, Russia, India, China and South Africa. Its aim is to develop a harmonious, pragmatic and open collaboration between all the five countries. The members also affirmed that BRICS should be aimed against the third countries.
One of BRICS fundamental objectives is promoting a global financial system, which will be independent of the prevailing institutions dependent on the dollar. Among the initiatives in this direction was the creation of the BRICS New Development Bank and the Contingent Reserve Arrangement.