China and Russia enhance collaboration within BRICS, focusing on local currency use, payment infrastructure, and global governance. The nations commit to deepening ties in finance, artificial intelligence, and sustainable development.
Bollywood Fever: China and Russia have taken significant steps to solidify their cooperation within the BRICS framework, focusing on key areas such as currency use, finance, and global governance.
This development comes after a high-level meeting between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin in Moscow, where both leaders signed a Joint Communiqué detailing their shared commitments.
The communiqué, released by China’s Ministry of Foreign Affairs, underscores the importance of strengthening bilateral cooperation in currency and financial matters.
Both nations agreed to maintain and enhance the high level of local currency settlement in bilateral trade, investment, and credit activities.
This move is aimed at reducing reliance on traditional global financial systems and increasing the resilience of their economies.
The document highlights the ongoing efforts to develop payment and settlement infrastructure between the two countries.
This includes initiatives such as opening correspondent accounts and establishing bank branches in each other’s territories, which are expected to facilitate smoother transactions and investments.
The communiqué also emphasizes the need to promote local currency use, improve payment convenience, and support mutual investments to further strengthen economic ties.
In addition to financial cooperation, China and Russia have expressed a strong commitment to advancing their collaboration within the BRICS group, particularly in the fields of sustainable development, artificial intelligence, and global governance.
Russia voiced its support for China’s initiative to establish the “China-BRICS Artificial Intelligence Development and Cooperation Center,” which aims to foster deeper collaboration among BRICS countries on AI and related technologies.
The communiqué also outlines broader plans for engagement within BRICS and other international organizations.
Both nations reaffirmed their dedication to promoting the BRICS agenda, including active participation in BRICS summits and supporting initiatives like the BRICS New Industrial Revolution Partnership.
The document highlights the significance of BRICS in shaping global economic governance, with a focus on expanding cooperation in trade, digitalization, and environmental protection.
Moreover, China and Russia reiterated their stance against the politicization of economic and trade issues, calling for fair and non-discriminatory trade practices under the BRICS framework.
This position aligns with their broader goal of ensuring that global trade and economic policies are inclusive and equitable, particularly for emerging markets and developing countries.
The enhanced cooperation between China and Russia within the BRICS framework marks a significant step towards stronger bilateral relations and a more integrated approach to addressing global challenges.
As both nations continue to deepen their ties, their collaboration is expected to have a profound impact on the global economic landscape, particularly in areas like currency use, artificial intelligence, and sustainable development.
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