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India and other members of the BRICS grouping today agreed to step up collaboration to combat terror funding and money laundering. Senior finance officials from BRICS countries agreed at a meeting in Shanghai to strengthen cooperation in nine fiscal and financial areas. Brazil, Russia, India, China and South Africa will push the development of the BRICS New Development Bank, ensuring it plays an important role in BRICS cooperation, according to an official document released after the second BRICS finance ministers and central bank governors meeting. Local currency bond markets in BRICS countries will be advanced through collaboration, while a cooperation framework for public private partnerships will be set up, state-run Xinhua news agency reported citing the document. The parties also agreed to strengthen financial regulatory collaboration and establish an improved network of financial services institutions, boosting the integration of financial markets among the BRICS countries. Coordinated efforts will be made to converge accounting and auditing standards, laying a solid foundation for connectivity in bond markets in BRICS countries. The BRICS Contingent Reserve Arrangement, which provides protection against liquidity pressures, will be improved. Coordination will be advanced in currency swaps, local currency settlement, direct investment in local currency and tax cooperation.
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