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BRICS Nations Sign Treaty For Local Currency Facility

In order to minimize the cost of intra-BRICS trade, the five-member nations of this community signed a new pact to extend credit in the respective local currency on Thursday. The agreement was signed at the conclusion of the summit.

BRICS Nations Logo

BRICS Nations Logo

This year the summit was held in New Delhi. The countries which signed the deal were Brazil, Russia, India, China and South Africa. This group also signed a pact of Letter of Credit (LC) Confirmation Facility which will imagine verification of LC’s on receipt of a request from an exporter, exporters’ depository or importer’s bank.

Indian Prime Minister also suggested increasing the interactions between the BRICS nations. He also suggested establishing a BRICS Development Bank. It is also included in the Summit’s Delhi Declaration.

The institutes like IMF, WB REFORM are agreed to invest for the BRICS Development Bank. The other highlights of the summit were, countering terrorism and piracy; enhancing employment; increasing growth and trade in BRICS nations, etc.

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