https://sputnikglobe.com/20230911/pepe-escobar-russia-brics-sco-partners-need-to-work-on-unification-of-payment-systems-1113288986.html
Pepe Escobar: Russia, BRICS, SCO Partners Need to Work on Unification of Payment Systems
Pepe Escobar: Russia, BRICS, SCO Partners Need to Work on Unification of Payment Systems
Sputnik International
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.
2023-09-11T16:01+0000
2023-09-11T16:01+0000
2023-09-11T16:01+0000
russia
2023 eastern economic forum
eastern economic forum
pepe escobar
brics
shanghai cooperation organisation (sco)
brics/sco summits
us hegemony
multipolar world
brics new development bank (ndb)
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"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, SPFS (System for Transfer of Financial Messages), China's CIPS (China International Payments System) and the Iranian system, the expert said. 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." The 8th EEF is taking place on the campus of the Far Eastern Federal University on September 10-13.
https://sputnikglobe.com/20230831/pepe-escobar-does-brics-need-its-own-currency-1113013286.html
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brics, us expansionism, nato expansion, brics summit 2023, brics, brics 2023 summit, multipolar world, polycentric world, brics 15th summit, us hegemony, inclusiveness, brics gdp, brics economic growth, brics development, dedollarization, de-dollarization, national currencies, trade in national currencies, bilateral currencies, multilateral currencies, currencies, payment systems, sco, shanghai cooperation organization, financial independence, unification of payment systems
Pepe Escobar: Russia, BRICS, SCO Partners Need to Work on Unification of Payment Systems
VLADIVOSTOK (Sputnik) - 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, SPFS (System for Transfer of Financial Messages), China's CIPS (China International Payments System) and the Iranian system, the expert said.
"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 Turkiye … This is a possibility, and it is very, very practical," Escobar added.
31 August 2023, 12:05 GMT
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."
The 8th EEF is taking place on the campus of the Far Eastern Federal University on September 10-13.
