Brazil, Russia Discuss Trade, Payment Systems at Moscow BRICS Business Council, Brazil Official Says
17:46 19.10.2024 (Updated: 12:53 21.10.2024)
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MOSCOW (Sputnik) - BRICS, founded in 2006, includes Brazil, Russia, India, China, and South Africa. As of January 1, with Russia's rotating presidency, new members Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia have joined. Although Saudi Arabia hasn't formalized its membership, it participates in BRICS meetings.
Russia and Brazil discussed a wide range of issues, including bilateral trade, fertilizer, tariffs and alternative payment systems at the BRICS Business Council in Moscow, Bruno Ferla, a representative of the chairman of the Brazilian Chapter of the BRICS Business Council, told Sputnik.
"The discussions were held basically in a group, but in particular with Russia, we discussed a lot of trade barriers and the fertilizer industry. So, those are topics that came out at the agribusiness working group," Ferla said.
Turning to cross-border payment systems, the Brazilian official said the panel explored "the way to integrate the BRICS countries."
"It is a very important topic. It is very important to Russia and as Brazil, we agree with developing an alternative payment method," he explained.
Ferla described financial curbs that the West had put on international trade with Russia as an obstacle to increasing exports. Brazil needs to work with China, in addition to Russia, to resolve that issue, he said.
"We need to work alongside with China to create the monetary currency or at least the payment method that would allow free trade between our countries without incurring any sanction," Ferla said.
The official also called on the BRICS countries to make it their agenda to reduce trade tariffs in order for the companies to increase their trade and ensure food security.
"For the food security, I think that in the agricultural business, I think that trade barriers are really the point to be discussed. And we have to lift those barriers. So not working in kind of a quota system to allow, which restricts the volume of trade between the countries," he said.
On bilateral trade, Ferla said Brazil could contribute with animal protein and grains, such as soybeans, while Russia could step up exports of wheat and fertilizer.
"I think here Brazil can contribute a lot with animal protein, with grains such as soybean. And Russia can contribute with wheat and also with fertilizer. [As a] kind of a barter, those items will boost our interaction within BRICS, but in particular between Russia and Brazil in the agribusiness," he said.
No Russia-Brazil Business, Food Security Deals Expected at BRICS Summit
Russia and Brazil are not expected to sign any agreements on business cooperation or food security at next week's BRICS summit in Russia, Ferla noted.
"Many topics have been discussed, and I think now it's the moment for the companies also to put down on paper and materialize their needs. But there is nothing regarding that that will be signed in the summit next week," the official added.
The Russian city of Kazan will host the BRICS summit on October 22-24. The leaders' meeting will be the highlight of Russia's 2024 chairmanship of the group.
