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Russian Minister calls on EEU, BRICS and SCO member countries to increase trade settlements in national currencies

25.04.2022, 15:49
Russian Trade and Industry Minister Denis Manturov called today on countries, which are members of the Eurasian Economic Union (EEU), BRICS (Brazil, Russia, India, China, and South Africa) and Shanghai Cooperation Organization (SCO) to increase trade settlements in national currencies to enhance independence in mutual trade.
Russian Minister calls on EEU, BRICS and SCO member countries to increase trade settlements in national currencies

YEREVAN, April 25. /ARKA/. Russian Trade and Industry Minister Denis Manturov called today on countries, which are members of the Eurasian Economic Union (EEU), BRICS (Brazil, Russia, India, China, and South Africa) and Shanghai Cooperation Organization (SCO) to increase trade settlements in national currencies to enhance independence in mutual trade.

According to Manturov, who was speaking at an economic forum in Tashkent, Uzbekistan, this shift will help these countries to avoid hyperinflation experienced now by many countries in the West.

"What has been happening in the world over the past two years is first of all, the impact of the pandemic, and what is happening today in the global economy, gives us a clue as to how we and you need to restructure our logistics, our production cooperation, and how we need to develop our economies,' he was quoted as saying by Finmarket news outlet.

Last year, Russia's trade with the EEU, BRICS, SCO and APEC member countries grew from 34 to 38 percent, Manturov noted, adding that these economic unions account now for almost half of the global economy.

"We see what is happening now in Western Europe, the U.S. which are exprinecing a hyperinflation, the highest over the past 30 years. The prices for commodities are growing rapidly, affecting the development of industrial sectors and the economy as a whole," stressed Manturov. -0-