The BRICS are discussing the creation of a new banking system to reduce trade costs
Brazilian President Luiz Inacio Lula da Silva announced plans by the BRICS countries to create a new banking system to reduce costs in trade relations, stressing that this will not replace national banking systems.
At the BRICS summit, Brazilian President Luiz Inacio Lula da Silva said that the BRICS countries are actively discussing the possibility of creating a new banking system that will reduce costs in commercial relations between the members of the association. He stressed that this initiative is not intended to replace the existing national banking association systems, but only to simplify and reduce the cost of trade operations between the BRICS countries.
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