GOA (Sputnik) — BRICS' Contingent Reserve Arrangement (CRA), which has been established to promote mutual support amongst the group members, will help to protect the five emerging economies from possible financial crises, Jose Rubens de la Rosa, Brazil's Chair of the BRICS Business Council, told Sputnik.
"We are not predicting, anticipating or discussing any potential crisis within the BBC. Anyway, BRICS countries have put in place the BRICS Contingent Reserve Arrangement (CRA), a mechanism dedicated to provide financial support during financial crisis, and we hope that this will help to face any difficult that might happen," Rubens de la Rosa said.
The BRICS countries signed an agreement on the establishment of CRA in July 2014 at the VI BRICS Summit in Fortaleza. The treaty entered into force in July 2015.
