BRICS summit to focus on increasing role of national currencies — Lavrov
MOSCOW, August 21. /TASS/. Increasing the role of national currencies in mutual settlements, as well as strengthening the potential of the New Development Bank and the BRICS Contingent Reserve Arrangement, will be prioritized at the BRICS Summit in Johannesburg, Russian Foreign Minister Sergey Lavrov said in an article for South Africa’s Ubuntu Magazine.
"The unconditional priorities include strengthening the potential of the New Development Bank and the BRICS Contingent Reserve Arrangement, improving payment mechanisms, and increasing the role of national currencies in mutual settlements. It is planned to focus on these issues at the BRICS Summit in Johannesburg," he wrote.
That said, BRICS member states do not aim to replace existing multilateral mechanisms, much less to become a new "collective hegemon", Lavrov noted. "On the contrary, the BRICS countries have consistently advocated the creation of conditions for the development of all States, which excludes the bloc logic of the Cold War and zero-sum geopolitical games. BRICS seeks to offer inclusive solutions based on a participatory approach," the minister explained.
BRICS consists of Brazil, Russia, India, China and South Africa. The summit of BRICS members will be held in Johannesburg on August 22-24. Russian President Vladimir Putin will participate in it via video link. Foreign Minister Sergey Lavrov will represent Russia in South Africa in person. Earlier, the second Russia-Africa summit took place in St. Petersburg on July 27-28.