PM: BRICS should integrate finances

• BRICS member-countries support local currency trade, a move away from the U.S. dollar.
• The use of local currencies in financial transactions between BRICS countries and trading partners is welcomed.
• The summit encourages strengthening of correspondent banking networks and enabling settlements in local currencies.
• BRICS should not replace other global institutions as it expresses collective aspirations.
• The 16th BRICS summit, attended by new member-countries, released a common statement, the Kazan Declaration, outlining BRICS’ position on global challenges and creating a more responsive international financial architecture.