New Delhi: Taking note of uncertainty in global political and economic situation, India, China, Russia, Brazil and South Africa on Thursday took the first step towards mutual trade in local currency and voiced strong opposition to any military action or rhetoric with regard to Syria and Iran.At their Summit meeting, Prime Minister Manmohan Singh, Chinese President Hu Jintao, Russian President Dmitry Medvedev, Brazilian President Dilma Rousseff and South African President Jacob Zuma pitched for close coordination among the five leading economies to meet the challenges being witnessed in the global scenario.
After the Brazil-Russia-India-China-South Africa (BRICS) Summit, an agreement was signed under which credits would be extended in local currencies under the BRICS Interbank Cooperation Mechanism. Another pact signed was the Multilateral Letter of Credit Confirmation Facility Agreement between BRICS countries' Exim/Development Banks.
The agreements mark the initial steps for intra-BRICS trade in local currency. Read More
