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BRICS Summit: Trade, CBDCs on Agenda

29 Aug

Summary

India to propose cross-border digital payments at BRICS summit.
BRICS summit to discuss trade balance and digital currency adoption.
Cooperation on customs and global value chains also on agenda.

India is preparing to propose enhanced cross-border digital payment systems and the adoption of central bank digital currencies (CBDCs) among BRICS member states at the forthcoming summit. This initiative aims to facilitate smoother financial transactions within the bloc.

The summit, celebrating 20 years of BRICS, will also address the need for more balanced trade among member nations. Discussions will delve into mechanisms for increased intra-BRICS trade utilizing national currencies, alongside efforts to reduce transaction costs for the 11-member grouping.

Furthermore, BRICS leaders will explore cooperation on customs matters and global value chains. This includes finalizing an agreement on mutual administrative assistance in customs to support faster trade and secure borders, as well as an Action Plan 2026-30 for resilient global value chains.

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