Discussions are also underway in the country regarding the creation of payment channels independent of third-country currencies
Indonesia is demonstrating sustained interest in the work of the BRICS Grain Exchange. This was stated by Sergey Tolchenov, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Indonesia, in an exclusive interview with TV BRICS.
“In my view, Indonesia, as a full member of BRICS and guided by the priorities of ensuring food security and diversifying its foreign economic ties, is showing a sustained interest in the emerging BRICS agro-industrial infrastructure. Jakarta shares the view that the creation of a grain exchange within this alliance will protect the national markets of the member countries from external interference, as well as ensure fair grain prices and the implementation of long-term contracts, in which Indonesia, as one of the largest grain importers, is extremely interested” – Sergey Tolchenov, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Indonesia.
Alongside cooperation in the agro-industrial sector, Moscow and Jakarta are advancing financial interaction. The parties are paying particular attention to the transition to direct settlements in national currencies.
“Establishing direct settlement mechanisms, including those using national currencies, is one of the key priorities of Russian-Indonesian cooperation. The creation of stable payment channels, independent of third-country currencies and banks, is necessary for the further growth of bilateral trade and the implementation of major joint investment projects,” Tolchenov noted.
The ambassador added that the issue of striking a balance between the security of the payment system and its convenience for business is no less pressing. According to him, the settlement mechanism must be convenient for all stakeholders and reflect the latest developments in data protection technology.
The issue of using national currencies was discussed by the Russian-Indonesian working group on banking and finance. According to estimates by the federal centre “Agroexport”, the potential for grain shipments to Indonesia by 2030 exceeds US$420 million.
African Times published this article in partnership with International Media Network TV BRICS
