Summary:
China and Russia enhance cooperation in currency and finance within the BRICS framework.
Commitment to local currency use and improved payment infrastructure.
Focus on sustainable development and artificial intelligence cooperation.
Plans for deeper engagement in BRICS and other global organizations.
Opposition to politicization of economic issues, promoting fair trade practices.
China and Russia have taken significant steps to strengthen their cooperation in currency, finance, and the BRICS framework following a meeting between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin. They have committed to enhancing local currency use, improving payment infrastructure, and fostering mutual investments.
Strengthening BRICS Cooperation
The Joint Communiqué released by China’s Ministry of Foreign Affairs details their agreement to support the high level of local currency settlements in bilateral trade and investment.
“The two sides agreed to support maintaining the already achieved high level of local currency settlement ratio in bilateral trade, investment, credit and other economic and trade activities.”
Advancing Payment Infrastructure
China and Russia plan to develop their payment and settlement infrastructure further, which includes opening correspondent accounts and establishing bank branches in each other’s countries. This initiative aims to enhance payment convenience and support mutual investments.
Focus on Sustainable Development and AI
The two nations expressed a shared goal of enhancing cooperation within BRICS, particularly in sustainable development, artificial intelligence, and the protection of global supply chains. Notably, Russia supports the establishment of the “China-BRICS Artificial Intelligence Development and Cooperation Center,” which highlights the need for collaboration on AI and global governance.
Commitment to BRICS Agenda
The communiqué outlines plans for deeper engagement within BRICS and other international organizations. Russia and China reaffirmed their commitment to the BRICS agenda, including participation in BRICS summits and initiatives like the BRICS New Industrial Revolution Partnership. They emphasized the significance of BRICS in global economic governance, focusing on trade, digitalization, and environmental protection. Both nations reiterated their opposition to the politicization of economic issues, advocating for fair and non-discriminatory trade practices under the BRICS framework.
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