China and Russia Push for Increased Local Currency Use in Trade, Deepen BRICS Cooperation

China and Russia solidified their cooperation in currency, finance, and within the BRICS framework following a meeting between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin. They committed to local currency use, payment infrastructure, and mutual investments, while also advancing collaboration in artificial intelligence, sustainable development, and global governance.

China and Russia Strengthen BRICS Cooperation and Currency Use

China’s Ministry of Foreign Affairs released the Joint Communiqué from the 29th Regular Meeting of the Chinese and Russian Prime Ministers on Thursday. The document was signed in Moscow by Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin after their meeting.

The two prime ministers highlighted the importance of strengthening cooperation on currency and financial matters within the BRICS framework. The communiqué states, as translated by Google:

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.

China and Russia also committed to further developing their payment and settlement infrastructure, including opening correspondent accounts and establishing bank branches in each other’s countries. The communiqué reiterated the importance of promoting local currency use, improving payment convenience, and supporting mutual investments.

Additionally, China and Russia expressed their shared goal of enhancing cooperation within BRICS, particularly in areas such as sustainable development, artificial intelligence, and the protection of global supply chains. The document highlighted Russia’s support for China’s establishment of the “China-BRICS Artificial Intelligence Development and Cooperation Center,” emphasizing the need for stronger collaboration among BRICS countries on AI and global governance.

Furthermore, the communiqué outlined plans for deeper engagement within BRICS and other international organizations. Russia and China affirmed their commitment to promoting the BRICS agenda, including hosting and participating in BRICS summits and supporting initiatives like the BRICS New Industrial Revolution Partnership. The document also underscored the significance of BRICS in global economic governance, with a focus on expanding cooperation in trade, digitalization, and environmental protection. Both nations reiterated their opposition to the politicization of economic and trade issues, emphasizing the importance of fair and non-discriminatory trade practices under the BRICS framework.

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