SHANGHAI, October 21. /TASS/. Creation of an independent mechanism of financial settlements among BRICS countries will increase their capability of withstanding crises and economic pressure, expert of the Center for comparative cultural studies under the Shanghai Institute of Foreign Languages Gao Jian told TASS.
"Creation of the independent mechanism of currency payments among BRICS countries will facilitate progressing of economic and trade cooperation within the BRICS mechanism and increase the capability of member-countries to withstand financial crises and economic pressure. This is an irreversible development trend," the expert said.
Gao Jian noted that 45% of the Earth population are living in BRICS countries and BRICS members reached 36% of the global GDP by the purchasing power parity, being above G7 figures. There is the second largest global economy and a major energy power with huge mineral reserves in the association, the expert said. "These factors provide for the important position of the BRICS cooperation mechanism in the sphere of reforms of the global financial systems and support of the international economic order. However, plenty of variants exists from the technical standpoint as regards how to build up the mechanism of BRICS international financial cooperation," he noted.
The independent mechanism of currency payments cannot be created at once and it should be the gradual development process, Gao said.