BRICS Summit Focuses on building mutual financial system

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The Brazil India China South Africa Summit has sparked discussions about easing regulations that hinder the bloc’s aim to establish a new currency. This BRICS currency is anticipated to bolster trade within the nations, especially benefiting small businesses.

President Cyril Ramaphosa of South Africa emphasized the importance of a predictable global payment system, smooth financial operations, and trade and investment facilitation for global economic recovery. China, a BRICS member, highlighted financial cooperation as crucial for the bloc’s financial development and unity. They stressed the responsibility to enhance cooperation and promote high-quality development.

In response to the summit, South African citizens expressed hope that the deliberations would have a positive impact, fostering collaboration with other countries for technological advancement and economic growth. High-level discussions at the summit also addressed reducing tariffs limiting trade for small farmers within BRICS countries. The potential expansion of the BRICS bloc to include other interested nations was seen as a tool to boost agricultural trade and capitalize on opportunities among the member states. However, discussions on the conference floor also revolved around trade barriers stemming from global economic slowdown and geopolitical tensions.