BRIC banks sign MoU on trade facilitation

Trade financing banks of BRIC countries - Brazil, Russia, India and China - today signed a memorandum of understanding (MoU) to facilitate and support cross-border transactions and projects of common interest.

The MoU signed by Banco Nacional de Desenvolvimento Econômico e Social (BNDES) of Brazil, China Development Bank Corporation (CDB), Export-Import Bank of India (Exim Bank-India) and State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) of Russia, aims at strengthening and enhancing trade and economic relations between BRIC countries and its enterprises.

The BRIC countries have proposed to set up a scheme designed to provide financing and banking services for investment projects that could benefit the parties as well as foster economic development of the BRIC countries.

Besides, the countries plan to undertake a feasibility study of setting up an interbank entity among the parties in order to fulfill the objectives of the agreement.

The parties have agreed to promote cooperation based on the principles of equality, mutual benefit, respect and trust pursuant to the established international banking practice.

The extent of cooperation will be determined on the basis of what is appropriate and feasible for each party vis-à-vis the missions and policies of the other parties.