https://en.sputniknews.africa/20230912/russia-brics-sco-partners-need-to-work-on-unification-of-payment-systems-expert-says-1062048924.html
Russia, BRICS, SCO Partners Need to Work on Unification of Payment Systems, Expert Says
Russia, BRICS, SCO Partners Need to Work on Unification of Payment Systems, Expert Says
Sputnik Africa
VLADIVOSTOK (Sputnik) - At the BRICS summit in Johannesburg in late August, leaders adopted a declaration that calls for using local currencies in mutual trade... 12.09.2023, Sputnik Africa
2023-09-12T09:43+0200
2023-09-12T09:43+0200
2023-09-12T09:43+0200
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Russia and its partners within BRICS and the Shanghai Cooperation Organization (SCO) need to work on a unification of payment systems and a mechanism to regulate trade in national currencies to boost mutual trade and be more independent, geopolitical analyst Pepe Escobar told Sputnik.One of the ways to start the process is to initiate the unification of Russia's payment system, System for Transfer of Financial Messages (SPFS), China's nternational Payments System (CIPS) and the Iranian system, the expert noted.The 8th EEF is taking place on the campus of the Far Eastern Federal University from September 10-13.
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russia, johannesburg, china, brics, the shanghai cooperation organization (sco), eastern economic forum (eef), currency, alternative currency, brics summit, turkey (turkiye), india, pakistan, international
Russia, BRICS, SCO Partners Need to Work on Unification of Payment Systems, Expert Says
VLADIVOSTOK (Sputnik) - At the BRICS summit in Johannesburg in late August, leaders adopted a declaration that calls for using local currencies in mutual trade and the "strengthening of correspondent banking networks between the BRICS countries and enabling settlements in the local currencies."
Russia and its partners
within BRICS and the Shanghai Cooperation Organization (SCO) need to work on a unification of payment systems and a mechanism to
regulate trade in national currencies to boost mutual trade and be more independent, geopolitical analyst Pepe Escobar told Sputnik.
"We do not need a new BRICS currency, we don’t need a new euro, you don’t need something you can buy coffee with. You need what [Russian] President [Vladimir] Putin said, in fact, recently — a mechanism regulating trade in bilateral currencies and multilateral currencies [within BRICS and SCO] and also in parallel a unification of payment systems," Escobar said on the sidelines of the Eastern Economic Forum (EEF) in Russia's Vladivostok.
One of the ways to start the process is to initiate the unification of Russia's payment system, System for Transfer of Financial Messages (SPFS), China's nternational Payments System (CIPS) and the Iranian system, the expert noted.
"Then you could have some Central Asians joining, you could try to sell the idea to the Indians. That will be very hard, but they are interested. You could obviously get the Pakistanis inside the SCO, you could present the idea to Turkey… This is a possibility, and it is very, very practical," Escobar added.
The 8th
EEF is taking place on the campus of the Far Eastern Federal University from September 10-13.
