BRICS nations underline need for inclusive payment systems, stress on using local currencies in international trade

It also stressed on encouraging use of local currencies in international trade and financial transactions between member nations and their trading partners.

In the Johannesburg Declaration, which was released at the end of the three-day long 15th BRICS summit, the BRICS nations welcomed the sharing of experience by member nations on payment infrastructures, including the interlinking of cross-border payment systems.

"We believe this will further enhance cooperation amongst the BRICS countries and encourage further dialogue on payment instruments to facilitate trade and investment flows between the BRICS members as well as other developing countries.

"We stress the importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners.

"We also encourage strengthening of correspondent banking networks between the BRICS countries and enabling settlements in the local currencies. We task our finance ministers and/or central bank governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and report back to us by the next summit," the declaration said.

The grouping also agreed to deepen cooperation on competition amongst BRICS countries and create a fair competition market environment for international economic and trade cooperation.