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Matviyenko urges BRICS countries to develop international reserve currency

  • Sun Online Desk
  • 8th September, 2022 02:07:34 PM
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The chairman of Russia's Federation Council, Valentina Matviyenko called for developing the economic potential of the BRICS countries and involving the legislative bodies of other countries in discussions at the BRICS Parliamentary Forum.

"It seems appropriate to also discuss concrete measures on the part of our parliaments aimed at expanding the economic capabilities of BRICS," Matviyenko said at the BRICS Parliamentary Forum on Tuesday.

She said initiatives aimed at strengthening settlements in national currencies and the creation of an international reserve currency based on a basket of the national currencies of BRICS countries are promising.

"[BRICS] is attractive for many countries of the global south, since it does not have a hidden agenda and does not bear animosity. On the contrary, it supports the principles of equality, mutual respect and a reasonable balance of interests. Within this context, we could consider the possibility of involving the legislators of other interested countries in our discussions. Naturally, with the consent of all partners in the alliance and based on their consensus," Matviyenko said.

She said the BRICS bloc "has all that is needed to become one of the pillars of a new configuration of the world order and a guardian of genuine multilateralism."

The "BRICS countries are capable of making a substantial contribution to the stabilization of the global economy and post-pandemic recovery," Matviyenko said.

The "endless use of political levers of pressure and imposition of groundless sanctions has already pushed the global economy to the brink of a recession," she said.

The solution is to take into account the interests of all participants in global trade, including developing countries and emerging markets, she said. Within the context of BRICS, it is important to steadily work on strengthening trade and economic cooperation based on the Economic Partnership Strategy to 2025 the countries adopted in 2020, Matviyenko said.

The agreement on mutual administrative aid in customs cases that is now being worked out at the expert level will also give an additional push to cooperation, she said.

 

Source: Interfax