At the summit, BRICS countries have agreed to study the possibility of creating their own independent settlement and deposit framework. This initiative, named BRICS Clear, will complement the existing financial market framework.
There are definitely some special achievements of the Kazan Summit of BRICS Plus. These are mainly in the financial and economic sectors. At the summit held in South Africa last year, BRICS started the process of creating a system of cross-border payments. The progress made in this direction was visible in Kazan. All nine member countries agreed that they will make efforts to further strengthen their banking networks to enable payments through their respective currencies under the BRICS Cross Border Payments Initiative (BCBPI). The joint declaration issued during the summit said- ‘We have agreed to study the possibility of creating an independent settlement and deposit framework among the BRICS countries. This initiative named BRICS Clear will work as a complement to the existing financial market framework.
BRICS countries have also agreed to form their own insurance company, although participation in it will be on a voluntary basis. Bilateral systems of payments in mutual currencies already exist between some countries, so it is possible to make it multilateral. It is only a matter of will, which the member countries have expressed in Kazan. In this context, Prime Minister Narendra Modi mentioned the success of the UPI system in India. He offered that other countries could adopt it if they wanted.
Another issue before BRICS Plus was to give membership to new countries. Since the experience of the decision taken in this regard in the last summit was not good, this time instead of giving full membership to any country, 13 countries have been linked to this platform by giving them the status of partner country. But in this regard the mutual differences within BRICS also became visible. It is discussed that Brazil did not give consent to the names of two countries of Latin America, while India stopped the membership of one country of South Asia. Whereas Russia had publicly strongly supported the membership of those three countries. Obviously, there is still a lack of complete coordination within BRICS Plus.