NEW DELHI, September 7. /TASS/. BRICS is searching for practical mechanisms to reduce trade transaction costs to boost cooperation and encourage investment within the association, a source in the Indian government familiar with preparations for the group’s upcoming summit scheduled for September 12-13.

"Discussions within BRICS on settlements in national currencies and platforms for central banks’ digital currencies represent a search for practical mechanisms. The aim of those discussions is to find practical ways to reduce transaction costs in bilateral trade," he told reporters.

"Such measures are viewed as a supplement to existing global payment and settlement systems though," the source added. "Those discussions are not aimed against any specific country or group of countries. They are conducted independently, within the framework of cooperation among finance ministers and central bank governors," he noted.

"This refers to technical work and practical mechanisms. We seek to deepen cooperation in the area of trade and investment inside the BRICS. This is the essence of those discussions," the government’s representative concluded.

The Economic Times reported earlier that India, which currently holds the BRICS presidency, is likely to present a concept for seamless cross-border digital payments and the introduction of central bank digital currencies among the group’s member states at the summit of the bloc.