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BRICS Countries in Talks on Establishing Joint Credit Rating Agency - Official

President of the Russian Chamber of Commerce and Industry (CCI) Sergey Katyrin said Sunday that the BRICS nations "have made remarkable progress in this" in talks on the idea of establishing a joint credit agency.

XIAMEN (Sputnik) — BRICS member states have been lately speaking in support of Russia's idea to set up a credit rating agency run by the bloc, Katyrin told Sputnik Sunday.

"We've had a very serious talk on a BRICS credit rating agency, the topic is important for each country both in general and in terms of the BRICS bank, as they are also pursuing a strong rating, [necessary] for work," Katyrin said on the sidelines of the BRICS Business Forum, adding that "there is progress and understanding… we have made remarkable progress in this area."

A man stands near a billboard advertising the 2017 BRICS Summit at a bus shelter in Xiamen in southeastern China's Fujian Province, Saturday, Sept. 2, 2017 - Sputnik International
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The Russian CCI president stressed that the idea of setting up a BRICS ratings service was initially put forward by the Russian side. According to Katyrin, at first, Russia's BRICS partners were not enthusiastic about the idea, but later they came to the conclusion that in today's world politics often overrides objective economic indicators and stands in the way of an unbiased credit assessment.

Katyrin chairs the Russian part at the BRICS Business Forum, a major side event of the bloc's summit, scheduled for September 3-5. The Business Forum brings together CEOs and business leaders of BRICS nations, particularly Russia, China, Brazil, South Africa and India. The event is held in China's southeastern coastal city of Xiamen in parallel with the leaders' meetings.

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