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BRICS should use national currencies in trade – Nabiullina

March 28, 2012, 14:18 UTC+3

The forum involved about 500 top managers from five countries, including 80 top managers from Russia

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NEW DELHI, March 28 (Itar-Tass) — The BRICS countries (Brazil, Russia, India, China and South Africa) should use national currencies in trade relations, Russian Economic Development Minister Elvira Nabiullina said.

Speaking at the Business Forum on Wednesday, Nabiullina said Russia believes that the reserve currency countries should pursue a more responsible macroeconomic policy.

“All countries can face such risks this is why I believe that it is very important to use national currencies in developing trade cooperation. We should look at this in order to make our trade more stable,” the Russian minister stressed.

She said Russia sought to settle the problems, which prevented the sustainable economic development in the world, primarily in the EU. “Our contribution is that Russia develops steadily. We take part in all international formats that focus on reducing risks of the world development. The world should stop accumulating risks and the financial system should be more transparent and understandable,” Nabiullina said.

The forum involved about 500 top managers from five countries, including 80 top managers from Russia. They will discuss cooperation and rivet attention to stability, security and the development. The summiteers will hold five sessions: they will focus on cooperation in the field of energy security, especially renewed energy, improving financial mutual relations in order to increase trade and investments, the role of information and communication technologies, and innovation to strengthen business partnership between the BRICS countries, as well as the role of BRICS in ensuring global food security.

The forum, which is organised by the Federation of Indian Chambers of Commerce and Industry under the auspices of the Indian government, will take place on the eve of the BRICS summit.

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