NEW DELHI, October 21. /TASS/. BRICS countries are proactively discussing common payment systems and trading in national currencies is encouraged, Foreign Secretary of India Vikram Misri said at a briefing dedicated to India’s participation in the BRICS Summit in Kazan.
"No final agreements have been arrived at as yet, but there have been intense discussions," Misri said, stressing that negotiations were held as regards payment systems and settlement systems. "There has been a certain amount of research that has been commissioned on these issues. Some papers have also been produced for the consideration of the different members," the foreign secretary noted.
"I think we are still in the stage where some work needs to be done," the Indian diplomat said. "It is a fact that the countries have stressed the importance of the use of local currencies for settlement purposes, especially as it comes to or as it pertains to trade. So strengthening of correspondent banking networks amongst the BRICS partners and enabling settlements in local currencies is being encouraged at the first stage," he noted.
"There is emphasis on doing this on a bilateral basis, and once there is greater certainty and experience that is gained, to move on it [to do this] on a multilateral basis as well," the foreign secretary added.