Summit expected to discuss financial cooperation

Progress in BRICS financial cooperation to facilitate international trade is expected to be made at the BRICS Summit in Kazan, Russia, according to South African analysts.

"It is expected that there would be a follow-up on the Johannesburg declaration on the options or road maps and local currency payment systems to allow all members to trade with one another with local currency to reduce the US dollar volatility and provide options to help navigate the fragmented global systems," Gustavo de Carvalho, senior researcher at think tank South African Institute of International Affairs, said.

The 2024 BRICS Summit will be held from Tuesday to Thursday in Kazan. The 2023 BRICS Summit, which took place in Johannesburg, mandated the ministers of finance and central bank governors to explore new payment systems that BRICS could use, and report about it in the 2024 summit.