WASHINGTON (Pakistan Point News / Sputnik - 15th April, 2023) Namibia supports any new means that would encourage international trade, Ipumbu Shiimi, Minister of Finance of Namibia told Sputnik, commenting on possible trade in national currencies.
"I think whats important is that world trade must continue. And if you can find more means to encourage foreign trade, to encourage world trade, that's something we'll support," the minister stated.
When asked how he assesses trade with Russia, Shiimi said, "Namibia wants to trade with all its partners with the rest of the world. Trade is something we want to encourage," he said. "We're a very small country and therefore we cannot afford for the world to be fragmented cause we need to trade with everybody. So we will want to support the world to support trade and intensify trade, so everything that is going to create restrictions for trade is not in the interest of the world in our view."
In June 2022, Russian President Vladimir Putin told the BRICS business Forum that the five major emerging economies should establish an international reserve system based on the basket of BRICS currencies. Although it may take years for the group to create such a monetary system, the final result is likely to be a balance between the competing Western Dollar system and the BRICS Currency basket, Gary Korolev, CEO of financial services firm Sovereign Wealth Management, told Sputnik.
On Wednesday, Russian Foreign Minister Sergey Lavrov said that the creation of a common currency would be discussed at the BRICS summit in August.
