News - Can BRICS reshape the financial world? Key decisions to emerge from Moscow gathering

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Can BRICS reshape the financial world? Key decisions to emerge from Moscow gathering

Source By www.bizcommunity.com/
2 months ago

Brics finance ministers and central bank governors will meet on Friday, 11 October in Moscow to finalise their work for 2024, according to the Russian Finance Ministry.

Preceding the meeting, a seminar on improving the international monetary and financial system will be held on Thursday, 10 October. Russian Finance Minister Anton Siluanov will present a report on the financial system's improvement, developed with the Yakov and Partners consulting firm.

Key topics include global economic prospects, Brics economies, customs, tax co-operation, cybersecurity, climate financing, and financial technologies.

The agenda also includes advancing infrastructure financing tools, details on an economic bulletin on Brics economies amid rising interest rates and will discuss the launch of the Brics Research Network on Finance.

The Brics Research Network on Finance was proposed and outlined during a Brics finance ministers' meeting held earlier this year.

The ministers highlighted the network as a key initiative to enhance financial co-operation and knowledge-sharing among Brics countries in areas like financial policy, macroeconomic stability, and sustainable development.

This network will serve as a platform for collaboration on key financial issues, bringing together experts and policymakers from member countries to exchange knowledge, analyse challenges, and develop common strategies.

The network will also focus on areas such as financial integration, cross-border payments, infrastructure financing, and monetary policy co-ordination.

It will emphasise sustainable development, and work to enhance financial systems that can support green investments and other environmentally sustainable initiatives.