{"id":314467,"date":"2024-10-25T19:20:31","date_gmt":"2024-10-25T13:50:31","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=314467"},"modified":"2024-10-25T19:20:31","modified_gmt":"2024-10-25T13:50:31","slug":"brics-bloc-endorses-indias-stance-on-eus-carbon-tax-pushes-for-local-currency-settlements","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/brics-bloc-endorses-indias-stance-on-eus-carbon-tax-pushes-for-local-currency-settlements\/","title":{"rendered":"BRICS bloc endorses India\u2019s stance on EU\u2019s carbon tax; pushes for local currency settlements"},"content":{"rendered":"<p><strong>News:<\/strong> <em>BRICS nations supported India\u2019s stance on the European Union\u2019s Cross Border Adjustment Mechanism (CBAM), calling it discriminatory. The BRICS grouping also highlighted the need to enable settlements in local currency, in line with the BRICS Cross Border Payments Initiative (CBPI).<\/em><\/p>\n<p>1. Cross Border Adjustment Mechanism (CBAM): Carbon Border Adjustment Mechanism is a carbon tariff that is imposed on certain carbon intensive goods such as steel, iron, cement, aluminum, electricity, fertilizers, hydrogen products that are imported into the EU.<\/p>\n<p>2. It is launched as a part of EU\u2019s \u2018Fit for 55\u2019 Package.<\/p>\n<p>3. It aims to create a level playing field for EU and non-EU producers by aligning the carbon price of imports with domestically produced goods, which are subject to EU\u2019s Emission Trading System (ETS).<\/p>\n<p>4. It will be implemented in phases, with transitional phase from 2023 to 2025 and definitive regime beginning from 2026.<\/p>\n<p>5. BRICS Cross Border Payment Initiative (CBPI): It aims at streamlining payments, promoting settlements in local currency and minimizing trade barriers among the member states. It is voluntary and non-binding.<\/p>\n<p>6. The initiative seeks to reduce reliance on traditional western dominated payment systems and lower the costs of cross-border payment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>News: BRICS nations supported India\u2019s stance on the European Union\u2019s Cross Border Adjustment Mechanism (CBAM), calling it discriminatory. The BRICS grouping also highlighted the need to enable settlements in local currency, in line with the BRICS Cross Border Payments Initiative (CBPI). 1. Cross Border Adjustment Mechanism (CBAM): Carbon Border Adjustment Mechanism is a carbon tariff&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/brics-bloc-endorses-indias-stance-on-eus-carbon-tax-pushes-for-local-currency-settlements\/\">Continue reading <span class=\"screen-reader-text\">BRICS bloc endorses India\u2019s stance on EU\u2019s carbon tax; pushes for local currency settlements<\/span><\/a><\/p>\n","protected":false},"author":10384,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[12039],"tags":[],"class_list":["post-314467","post","type-post","status-publish","format-standard","hentry","category-knolls","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/314467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10384"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=314467"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/314467\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=314467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=314467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=314467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}