https://sputnikglobe.com/20241020/brazil-russia-discuss-trade-payment-systems-at-moscow-brics-business-council---official-1120603336.html
Brazil, Russia Discuss Trade, Payment Systems at Moscow BRICS Business Council - Official
Brazil, Russia Discuss Trade, Payment Systems at Moscow BRICS Business Council - Official
Sputnik International
Russia and Brazil have 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.
2024-10-20T00:04+0000
2024-10-20T00:04+0000
2024-10-20T00:04+0000
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"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." He 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. On bilateral trade, Ferla said Brazil could contribute with animal protein and grains, such as soybean, 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. BRICS is an intergovernmental association created in 2006. Russia assumed the rotating presidency of the bloc on January 1, 2024. The year began with the accession of new members to the association. In addition to Russia, Brazil, India, China and South Africa, it now includes Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia, according to the website of the Russian 2024 BRICS Chairmanship. Saudi Arabia has not reportedly formalized its participation but has been taking part in BRICS meetings.
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russia-brazil relations, trade turnover, payment systems, brics
russia-brazil relations, trade turnover, payment systems, brics
Brazil, Russia Discuss Trade, Payment Systems at Moscow BRICS Business Council - Official
MOSCOW (Sputnik) - Russia and Brazil have 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.
He 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 soybean, 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.
BRICS is an intergovernmental association created in 2006. Russia assumed the rotating presidency of the bloc on January 1, 2024. The year began with the accession of new members to the association. In addition to Russia, Brazil, India, China and South Africa, it now includes Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia, according to the website of the Russian 2024 BRICS Chairmanship. Saudi Arabia has not reportedly formalized its participation but has been taking part in BRICS meetings.
