Brazil, Russia Discuss Trade, Payment Systems At Moscow BRICS Business Council - Official

MOSCOW, Oct 20 (Bernama-Sputnik) -- Russia and Brazil have discussed a wide range of issues, including bilateral trade, fertiliser, tariffs and alternative payment systems at the BRICS Business Council in Moscow, Bruno Ferla, a representative of the chairman of the Brazilian Chapter of the BRICS Business Council, told Sputnik.

"The discussions were held basically in a group, in particular with Russia and we discussed a lot of trade barriers and the fertiliser industry. So, those are topics that came out at the agribusiness working group," Ferla said.

Turning to cross-border payment systems, the Brazilian official said the panel explored "the way to integrate the BRICS countries".

"It is a very important topic. It is very important to Russia as well as Brazil. We agreed on developing an alternative payment method," he explained.

He described financial curbs that the West had put on international trade with Russia as an obstacle to increasing exports. Brazil needs to work with China, in addition to Russia, to resolve that issue, he said.

"We need to work alongside with China to create the monetary currency or at least the payment method that would allow free trade between our countries without incurring any sanction," Ferla stated.

The official also called on BRICS countries to make it their agenda to reduce trade tariffs in order for companies to increase their trade and ensure food security.

"For food security, I believe that trade barriers in the agricultural sector are a crucial issue that needs to be addressed. We must work to lift these barriers, rather than maintaining a quota system that restricts the volume of trade between countries," he said.

On bilateral trade, Ferla said Brazil could contribute with animal protein and grains, such as soyabean, while Russia could step up exports of wheat and fertiliser.

"I think Brazil can contribute a lot with animal protein and with grains such as soyabean. And Russia can contribute with wheat and fertilizer. [As a] kind of a barter, those items will boost our interaction within BRICS, but in particular between Russia and Brazil in the agribusiness," he said.

BRICS is an intergovernmental association created in 2006. Russia assumed the rotating presidency of the bloc on January 1, 2024. The year began with the accession of new members to the association. In addition to Russia, Brazil, India, China and South Africa, it now includes Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia, according to the website of the Russian 2024 BRICS Chairmanship.

Saudi Arabia has not reportedly formalised its participation but has been taking part in BRICS meetings.

-- BERNAMA-SPUTNIK