RT.com
29 Nov 2022, 02:44 GMT+10
Such a move could help cut dependence on Western financial infrastructure, Izvestia reports
The Eurasian Economic Union (EEU) is interested in setting up a common payment system with BRICS nations, the newspaper Izvestia reported on Monday. The Russia-led free trade bloc aims to cut reliance on the Western monetary system.
The EEU was founded as the Customs Union of Russia, Kazakhstan, and Belarus. It was established in 2015, and was later joined by Armenia and Kyrgyzstan. In 2016, Vietnam became a free trade partner with the EEU. The union is designed to ensure the free movement of goods, services, capital and workers between member countries.
According to the report, citing the EEU's regulatory body, the plan also envisages the issuance of a single payment card within the two trade blocs. That would unite the national payment systems of its member states, including Russia's Mir, China's Union Pay, India's RuPay, Brasil's Elo and others.
Vladimir Kovalyov, an adviser to the chairman of the Eurasian Economic Commission, said the EEU is currently focused on establishing a joint financial market, with priority on developing a common "exchange space."
READ MORE: Iran moves closer to joining Eurasian bloc
"We've made substantial progress and now the work is focused on such sectors as banking, insurance and the stock market," Kovalyov was quoted as saying by Izvestia.
According to the official, a regulatory body for the proposed joint financial system of the EEU and BRICS would also be established as part of the new infrastructure.
The EEU, which brings together countries in the post-Soviet space, has been increasingly looking for ways to deepen cooperation with the BRICS group of emerging economies. That bloc consists of Brazil, Russia, India, China, and South Africa, accounting for more than 40% of the world's population and nearly a quarter of global GDP. Efforts have already been made among some BRICS members to trade in local currencies in order to reduce dependence on the US dollar and euro.
For more stories on economy & finance visit RT's business section
Get a daily dose of San Antonio Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to San Antonio Post.
More InformationMIAMI, Florida: This decade, the US south is expected to see more new residents than any other region in the ...
ATLANTA, Georgia: In light of its significant debt, the slowing economy and rising interest rates stifling consumer demand, US mattress-maker ...
Winter weather warnings and advisories were in effect across a string of U.S. states from Texas to Maryland on Wednesday ...
Former Ole Miss cornerback Davison Igbinosun, ranked by 247 Sports as 10th-best player in the transfer portal, will make the ...
Ricky Council IV and Davonte Davis each scored 19 points, Arkansas blocked 13 shots and the Razorbacks continued their winning ...
Missouri will make a bid for its third consecutive victory when it hosts struggling LSU on Wednesday night in Columbia, ...
WASHINGTON D.C.: The White House said this week that Tesla Chief Executive Elon Musk met with John Podesta, a Democratic ...
MANILA, Philippines: In an effort to attract more tourists, President Ferdinand Marcos has approved a value-added tax refund program for ...
TRIPOLI, Libya: Italian prime minister Giorgia Meloni held talks on energy and migration in Libya this weekend, which are major ...
MIAMI, Florida: This decade, the US south is expected to see more new residents than any other region in the ...
NEW YORK CITY, New York: After reporting record revenues in the fourth-quarter of 2022, US airlines expect strong travel demand ...
MANILA, Philippines: After a Filipina domestic worker was killed and dumped in the desert in the oil-rich emirate of Kuwait, ...