BRICS countries support use of local currencies in trade, transactions
30/04/2025
BRICS emphasized the need to implement comprehensive reforms to the global financial system to strengthen the voice of developing countries and increase representation in international financial institutions.
RIO DE JANEIRO: BRICS foreign ministers expressed support for the use of local currencies in trade and financial transactions, and instructed their respective finance ministers and central bank governors to devise appropriate mechanisms, according to a declaration adopted after a meeting in Rio de Janeiro, the Russian News Agency (TASS) reported.
BRICS Foreign Ministers support the use of local currencies in trade and finance, and instruct finance ministers and central bank governors to devise appropriate mechanisms.
They stressed the need to implement comprehensive reforms to the global financial system to strengthen the voice of developing countries and increase representation in international financial institutions.
The Ministers recognized the importance of strengthening international cooperation in the critical minerals sector to ensure that these resources contribute to inclusive and equitable development.
"The Ministers stressed the importance of expanding the use of local currencies in trade and financial settlements between BRICS countries and their trading partners.
"They also referred to paragraph 66 of the Kazan Declaration which tasked the Minister of Finance and the Governor of the Central Bank, as appropriate, to continue to examine issues related to local currencies, payment instruments and platforms," the statement said.
The Ministers also emphasized the need to implement comprehensive reforms to the global financial system to strengthen the voice of developing countries and increase their representation in international financial institutions.
They also reiterated their call for reforms of international financial institutions to focus on increasing financing capacity and facilitating access to resources, particularly for developing and least developed countries.
In addition, the Ministers reaffirmed the important role of the Group of Twenty (G20) as the primary forum for international economic cooperation that brings together emerging and developed economies.
The statement also said that the Ministers recognized the importance of strengthening international cooperation in the critical minerals sector, including through the implementation of downstream industrial policies, technology transfer and sustainable practices, to ensure that the resources contribute to inclusive and equitable development, in particular for the countries of origin of the resources, according to the declaration.
