Brics nations are discussing local currency trade settlements to reduce transaction costs. There is currently no proposal for a common Brics currency among member states.
This initiative aims to complement existing global payment systems and improve trade efficiency. Leaders also addressed trade barriers and the need for a strong WTO.
Discussions followed eight months of work under India's Brics chairship.
This story was reported by The Times of India. Read the full coverage at The Times of India.
