Visa-Free Regime Remains Key Issue in BRICS Integration

Creating a visa-free regime among the five BRICS emerging economies remains a key integration issue, the chairman of the Russian Chapter of the BRICS Business Council said Monday.

MOSCOW (Sputnik), Alexander Mosesov – Speaking with reporters ahead of the BRICS Business Council meeting in Moscow, Sergey Katyrin said that not all members of the cross-continent economic association supports the idea of creating a visa-free regime.

"The problems remain the same: it is a visa regime, an opportunity for businesses to visit each other, to have the ability to get quick long-term clearance," Sergey Katyrin said.

On Friday, the chairman of the Russian Chapter of the BRICS Business Council, who also heads the Russian Chamber of Commerce, said it was too early to introduce an all-out visa-free regime. He did note that simplifying business travel between the five member states was not out of the question.

Established in 2013, the BRICS Business Council serves as a platform for boosting economic, trade, business and investment ties among business communities in the five member states. The heads of its working groups report on the results of their cooperation throughout the year and outline future plans and areas of collaboration.

The BRICS emerging economies’ fledgling bank is expected to settle the issues of national currencies in mutual transactions and financing, the chairman of the Russian Chapter of the BRICS Business Council said.

"Two things that are expected from this bank [NDB] is the possibility of settlements in national currencies, and the second is financing. We hope that nearest on the horizon is the start of financing,"  Katyrin said.