Russian minister urges to spur inter-depositary interaction between BRICS countries

Russian finance minister Anton Siluanov is anticipating the establishment of a new financial system to smoothen inter-currency payments and improve inter-depositary relations among BRICS countries, aiming to boost trade and economic ties.

Speaking with China Global Television Network (CGTN), Siluanov said he hopes to see the introduction of a BRICS payment system to facilitate capital movement among member states.

"It seems to me we need to create alternatives to the current system of payments and settlements. We're not talking about a single currency. We're not talking about a single owned payment unit. We're talking about the fact that money goes between our countries for goods, services, and capital too. That the capital could also be moved between our countries," said the Russian financial minister.

He also highlighted the importance of creating of inter-depositary relations among BRICS countries to reduce investment barriers.

"We see the need to create inter-depositary relationships between our countries so investors can invest money without hindrance, so the system of inter-depositary interaction between BRICS participants would work. There has been a proposal to do this on the basis of blockchain technologies and other modern technologies. This will be a step forward compared to the current systems between depositories," said Siluanov.

BRICS began with Brazil, Russia, India, China and South Africa, and has now evolved into an influential international cooperation mechanism with an expanded membership.

Other than the countries that officially joined the BRICS family on January 1, 2024, over 30 countries like Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in membership.

The 16th BRICS Summit, which runs from Tuesday to Thursday in Kazan, Russia, marks the first in-person BRICS gathering since its expansion.

Siluanov emphasized the potential of stronger economic connections after the BRICS expansion.

"Indeed, the number of countries in our community has grown. This is good. We see that the economic potential of our community is growing. But the increase in the number of BRICS members is not in itself an aim. I believe we need to establish good economic ties, an uninterrupted settlement system and, accordingly, increase our trade turnover," he said.

Russian minister urges to spur inter-depositary interaction between BRICS countries

Chinese Premier Li Qiang on Thursday presided over a State Council executive meeting that studied work on building a unified national market and reviewed and approved a plan for the development of a modern emergency response system during the 15th Five-Year Plan period (2026-2030).

Noting that building a unified national market is essential to advancing high-quality development, the meeting called for deepening institutional frameworks in areas such as property rights protection, market access, fair competition, social credit and market exit mechanisms.

The meeting also urged efforts to advance high-standard connectivity of market infrastructure to facilitate smooth economic circulation and effectively reduce logistics costs across society.

Emergency management is critical to protecting people's lives and property, the meeting said. It called for accelerating the development of a modern emergency response system, deepening reform and innovation in emergency management, and improving coordinated response mechanisms.

Efforts should be made to strengthen risk prevention at the source, enhance monitoring, forecasting and early warning, and accelerate a shift in governance toward proactive prevention, according to the meeting.

A draft revision of the Law on the People's Bank of China was also discussed and approved in principle at the meeting, which decided to submit the draft to the Standing Committee of the National People's Congress for deliberation.

Chinese premier chairs State Council executive meeting