BRICS should deepen banking links to boost local currency trade: Experts
BRICS experts in New Delhi advocate for enhanced banking ties and local currency trade to boost economic cooperation and reduce costs
Experts suggest that BRICS nations should intensify financial market development, strengthen banking connections, and implement robust risk-management strategies to enhance local currency trade and cross-border investments. Furthermore, they recommend linking fast-payment systems and exploring interoperability among Central Bank Digital Currencies to expedite, economize, and secure global transactions.
Anil Talreja, a partner at Deloitte, emphasized the importance of expanding local currency usage in trade and investment, supported by deeper financial markets, stronger banking ties, and effective risk-management mechanisms. BRICS, which now includes Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia alongside its original members, aims to bolster trade by reducing non-tariff barriers through harmonized standards, shared certifications, lessened customs procedures, and greater regulatory transparency.
By addressing export and technology controls' impact on global trade, BRICS nations can foster cooperation, transparency, predictability in trade regulations, and access to critical technologies, minerals, equipment, and power resources, thereby enhancing supply-chain resilience and promoting a more balanced and inclusive global economic order.
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