INTERNATIONAL RELATIONS

BRICS experts for creating common payment gateway to improve e-commerce

Experts from BRICS countries have suggested creating common payment gateways by the industry and banks to enable greater flows of trade and e-commerce across the BRICS countries. They also suggested governments enabling settlement in local currency for BRICS-wide e-commerce.

These were among the many suggestions and recommendations made by 30 experts from BRICS countries during the Digital BRICS Conclave jointly organised by Observer Research Foundation and the Ministry of External Affairs, India on April 28 and 29.

The Digital BRICS Conclave was convened to create a roadmap for digital diplomacy among the BRICS emerging economies and offer recommendations for the creation of a seamless digital marketplace among them. The Conclave aimed to identify common challenges that hinder e-commerce from achieving its full potential. The Conclave also sought to explore ways in which technology could be used to promote socio-economic inclusion for the “next billion” internet users.

At the Conclave, the ORF based on discussion with the participants has put together the Delhi Proposition to Policymakers, which recommends greater cooperation within BRICS countries and identifies areas where further deliberation is necessary. The document captures the sense of the house on the issues discussed.

Many participants highlighted the need for their respective governments to foster an environment for the growth of startups. They recommended that institutions like the New Development Bank should serve and support incubation platforms for startups

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Amit Singh

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