EAEU Looks To Establish A Common Payment System With The BRICS

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The Eurasian Economic Union (EAEU) is examining the possibility of setting up a common payment system with BRICS nations. Such a move would establish an intra-trade payment system that would bypass the need for SWIFT. Intra-EAEU trade is on target to reach slightly under US$100 billion this year, while Intra-BRICS trade was valued at 1.6 trillion in 2021.

The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, and also includes free trade agreements with Iran, Serbia, and Vietnam with numerous other nations poised to follow. The BRICS includes Brazil, Russia, India, China and South Africa, with again numerous nations poised to join.

The EAEU’s regulatory body 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 EAEU is currently focused on establishing a joint financial market, with priority on developing a common exchange space. Kovalyov said “We’ve made substantial progress and now the work is focused on such sectors as banking, insurance and the stock market.”

According to him, a regulatory body for the proposed joint financial system of the EAEU and BRICS would also be established as part of the new infrastructure.

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