BRICS nations have made substantial strides in enhancing trade through national currencies and establishing a new system for cross-border payments, according to Indian Deputy Foreign Minister Dammu Ravi.
According to the diplomat, countries are looking for alternatives as they want to have faster payments for cross-border trade, News.Az reports, citing foreign media.
"Within the BRICS track, there is a discussion on this issue. We hope that in the coming days this idea will gain traction and countries will adopt it as it benefits most of them," Ravi said at a news conference devoted to the BRICS summit in Brazil, referring to the issue of cross-border payments.
Trade in national currencies is also getting much attention within BRICS, according to the official.
BRICS is holding a summit in Rio de Janeiro from July 6 to 7. In a concluding statement, which was adopted on Sunday, leaders of the group's member countries called for further efforts to develop cross-border payments and payment systems in BRICS countries.
