Al-Qasabi Participates in Saudi-Moroccan Business Forum    Saudi Arabia to Host ACI Asia-Pacific's New Office in the Middle East    NTDP Launches "MVPlab" to Support and Enable Innovative Technology Entrepreneurs    Riyadh International Book Fair 2022 Award worth SR300,000 launched    Customer service, aviation, parcel, and optical among sectors witnessing more Saudization in coming six months    Commander of Joint Forces Receives Yemeni Minister of Defense    Minister of Defense and U.S. Secretary of Defense Review, in a Phone Call, Strategic Partnership Between the Two Countries    Al-Mudaifer: Saudi Arabia to become global supplier of hydrogen, center for green minerals    stc launches Center3 to enhance digital economy growth in Saudi Arabia    Governor of Jeddah Inaugurates Middle East Education and Training Exhibition    Saudi Arabia records 155 new COVID-19 cases, 3 death    Muscat Stock Exchange Index Ends Trading Lower    KSrelief Distributes 500 Food Baskets to Syrian Refugees in Lebanon    Spare production capacity is not responsibility of KSA alone: Aramco CEO    KSrelief Provides Relief Assistance for 20,537 People Affected by Floods in Pakistan    Cabinet commends Kingdom's performances in global indicators    Saudi Exports Development Authority Organizes Work of Saudi Commercial Mission to Morocco    Ponniyin Selvan: Mani Ratnam's epic drama fires up India box office    Wall Street Closing    Asian Shares Rise    North Korea fires ballistic missile over Japan    Ukraine tank breakthrough in south toward Kherson    Elon Musk under fire for inflammatory Ukraine Twitter comments    Saudi National Music Band to perform in Paris Friday    Riyadh symposium underscores need to globalize traditional Saudi dish Jareesh    Chairman of Board of Directors of Saudi Esports Federation Highlights the National Gaming and Esports Strategy    RCU launches Safar art exhibition at AlUla airport    Saudi Arabia retains its seat in ITU Council by international consensus    Fans of Sydney United 58 condemned for Nazi salutes during Australia Cup final    Fans 'died in the arms' of players in Indonesia stadium crush    Al-Manea: Selling gold in installments is not permissible    174 dead in Indonesian football stadium crush    15 cups of Saudi coffee in a day are enough!    Riyadh hosts first Saudi Games on Oct. 27    Movies return to Kashmir with Hrithik Roshan-starrer    Islamic Minister Al-Sheikh: Juristic judgment catalyst to salvage Islamic Ummah    Culinary Arts Commission Registers 13 Foods on Slow Food List of Endangered Food    72% of Children Globally have been Victims of Cyber Threats    Saudi National Football Team Continues Preparations for Friendly Match against Ecuador    Saudi Futsal Team Beats San Marino, Wins Silver in Croatian International Championship    During 2nd Global AI Summit.. AI-powered Early Breast Cancer Detection Program Launched    Triple talaq: India Muslim women in limbo after instant divorce ruling    Film Commission Reviews Film Industry Prospects in Saudi Arabia at Venice International Film Festival    Saudi national volleyball team loses to Kyrgyzstan in Asian Challenge Cup final    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



BRICS sign two currency agreements
Published in The Saudi Gazette on 31 - 03 - 2012

From left: Brazil's President Dilma Rousseff, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh, Chinese President Hu Jintao and South African President Jacob Zuma raise their arms together during the group picture for the BRICS 2012 Summit in New Delhi, India, Thursday. Heads of States of the five nations are meeting in the Indian capital. — AP
NEW DELHI – Brazil, Russia, India, China and South Africa (BRICS), the five emerging economic powers forming the BRICS grouping, Thursday signed two pacts to stimulate trade in their local currencies and agreed on a joint working group to set up a development bank that will raise their economic weight globally.
The development banks of the five countries signed a master agreement on extending credit facilities in the local currency and the BRICS multilateral letter of credit confirmation facility agreement in the presence of their leaders-Prime Minister Manmohan Singh, Chinese President Hu Jintao, Russian President Dmitry Medvedev, Brazilian President Dilma Rousseff and South African President Jacob Zuma.
This also marked the conclusion of the fourth Brics summit where the leaders renewed their commitment to reforming global governance and closer coordination on global issues.
The participating banks include the Export Import Bank of India, Banco Nacional de Desenvolimento Economico e Social (BNDES) of Brazil, State Corporation Bank for Development and Foreign Economic Affairs of Russia, China Development Bank and Development Bank of South Africa.
The master agreement is aimed at reducing the demand for fully convertible currencies for transactions among Brics nations, and thereby help reducing the transaction costs of intra-BRICS trade.
The confirmation facility pact envisages confirmation of lines of credit on receipt of a request from the exporter, the exporter's bank or the importer's bank.
The pacts are expected to scale up intra-BRICS trade which has been growing at the rate of 28 per cent over the last few years, but at $230 billion, it remains much below the potential of the five economic powerhouses. BRICS has set a target of $500 billion by 2015. The pacts were finalized after a meeting of trade ministers of the five countries.
The leaders also welcome the setting up of a BRICS Exchange Alliance, a joint initiative by related BRICS securities exchange.
In an important step that promises to integrate the BRICS economies closely, the five countries considered the possibility of setting up a new development bank.
The bank is being envisaged to mobilize “resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement the existing efforts of multilateral and regional financial institutions for global growth and development”, said the BRICS Delhi Declaration.
The leaders directed their finance ministers “to examine the feasibility and viability of such an initiative, set up a joint working group for further study, and report back to us by the next summit”, said the declaration.
The BRICS report on synergies and complementarities between the economies of the five countries, a reference guide for promoting trade and investment, was also released in the presence of the leaders. The report was prepared by a multinational group of experts.


Clic here to read the story from its source.