In an effort to reduce the transaction costs of intra-BRICS trade, the five-member emerging economies’ group on March 29 inked a pact to extend credit in the respective local currency.
The agreement, signed at the conclusion of the fourth BRICS Summit here, is intended to reduce the demand for fully convertible currencies for transactions between Brazil, Russia, India, China and South Africa (BRICS).
The Group also signed an agreement on Letter of Credit (LC) Confirmation Facility which envisages confirmation of LCs on receipt of a request from an exporter, exporter’s bank or importer’s bank.
Easier business visas
Addressing the Summit, the Prime Minister, Dr Manmohan Singh, called for greater interaction amongst our business communities. “Issues such as easier business visas must be prioritised. As large trading countries, BRICS countries have a strong interest in removing barriers to trade and investment flows and avoiding protectionist measures,” he added.
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