Financial cooperation agr't is BRICS first joint project - view

SANYA, April 13 (Itar-Tass) - A framework agreement on financial
cooperation in the framework of inter-banking cooperation will be the
first intergovernmental project of the BRICS countries, Head of Russia's'
Vnesheconombank /VEB/ Vladimir Dmitriyev said on Wednesday at the opening
of the financial forum - an annual meeting of inter-banking union of the
BRICS' countries. The event features heads of national banks from Brazil,
Russia, India, China and South Africa.
The agreement is due to be signed on April 14, when BRICS leaders get
together for a summit. In fact, Dmitriyev said, the agreement "will launch
the first BRICS intergovernmental cooperation project."
"In the framework of this agreement, we shall work out security
mechanisms for financial flows in national currencies," he said.
The agreement will start practical implementation of the memorandum on
cooperation between state financial institutions for development, which
was signed a year earlier in Brazil.
"We should not stop there, we should move forward in correct
directions and finalise the agreement on exchange of information between
BRICS' banks," he said adding, that all that "proves the strive of BRICS
members for a new global financial architecture."
The five banks, he continued, will strengthen financial cooperation of
the BRICS countries, will favour development of trade and economic
relations and will stimulate cooperation among companies.
"This will be an impetus to signing various international agreements
and will stimulate the mechanism to support projects, important for the
countries."
Dmitriyev expressed confidence in growth of competitiveness of BRICS'
banking structures.