Tehran (IP) - Referring to the meeting of the BRICS parliamentary meetings, Mohammad Bagher Ghalibaf stated that one of the important things done in BRICS is that the electronic banking communication system replaces SWIFT, and the countries that become BRICS members can use it.

Iran PressIran news: Ghalibaf on Saturday's open session of the parliament emphasized that BRICS member countries and other countries that are willing can use this interbank electronic system.

He pointed out that 30% of the country's total volume of trade is with countries such as China, Russia, India, and South Africa, and Iran should take advantage of the opportunity.

The term BRIC was coined by Goldman Sachs economist Jim O'Neill in 2001 to describe the startling rise of Brazil, Russia, India, and China. The bloc had its first summit in 2009 in Russia. South Africa joined in 2010.

A summit of the bloc was held in Johannesburg, South Africa, from August 22 to 24, 2023. With the leaders of 54 African nations invited, this was the biggest meeting of the heads of state and government of the Global South in recent years.

Participants in the summit agreed that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates to join the bloc from January 1, 2024.

All BRICS member states have full sovereignty and their own foreign political interests and priorities. Mutual respect and mutual benefit are the foundation for dialogue and development within BRICS.

BRICS Pay is a joint venture between the five BRICS countries (Brazil, Russia, India, China, and South Africa) that was launched in 2018 by the BRICS Business Council among the top priorities in the Annual Report.

The team behind the venture consists of individuals from all five countries. This includes experts in payments, banking, technology, and other related fields. They are responsible for developing the platform, creating new features, and providing customer support. Additionally, the team is responsible for managing relationships with partners, governments, and other stakeholders.

​BRICS PAY is a digital payments platform that is being jointly developed by the member countries of the BRICS (Brazil, Russia, India, China, and South Africa) economic bloc.

BRICS PAY aims to enable digital payments between different countries in the BRICS PLUS format, allowing businesses and consumers to securely and seamlessly make and receive payments in their local currency. The platform is designed to reduce the cost and complexity of international payments, while also providing a secure and reliable way to pay for goods and services.


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