KAZAN, October 23. /TASS/. BRICS member states have agreed to discuss and study the possibility of creating independent cross-border settlement and depositary infrastructure BRICS Clear, according to Kazan Declaration of the 16th summit of the association.
"We acknowledge the importance of exploring the feasibility of connecting BRICS countries’ financial markets infrastructure. We agree to discuss and study the feasibility of establishment of an independent cross-border settlement and depositary infrastructure, BRICS Clear, an initiative to complement the existing financial market infrastructure, as well as BRICS independent reinsurance capacity, including BRICS (Re)Insurance Company, with participation on a voluntary basis," the document reads.
"We reiterate our commitment to enhancing financial cooperation within BRICS. We recognize the widespread benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimizing trade barriers and non-discriminatory access. We welcome the use of local currencies in financial transactions between BRICS countries and their trading partners. We encourage strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative (BCBPI), which is voluntary and nonbinding, and look forward to further discussions in this area, including in the BRICS Payment Task Force," according to the declaration.