The Central Bank of Russia (CBR) has also begun consultations with the BRICS on a payment system that would be an alternative to the SWIFT system. Particular emphasis has been placed on safeguarding and redundancy in the event of a FAILURE of the SWIFT system. Olga Skorobogatova, Deputy Governor of the Central Bank of Russia, said in an interview: “The only topic that can be of interest to all of us within the BRICS is to examine and discuss the possibility of setting up a system that would apply to the BRICS, which would be used as a safeguard.”  China is also seeking Africa to supply goods and products, while Russia is again trying to relocate its production to other emerging markets and access markets it has lost as a result of US and EU sanctions. Given the increasing politicization and polarization of U.S. trade with South America, this may well prove that the EAEU offers an existing bloc that could live up to all parties. China has 16 free trade and investment agreements with its trading and investment partners and is negotiating or executing eight others. China`s free trade partners are ASEAN, Singapore, Pakistan, New Zealand, Chile, Peru, Costa Rica, Iceland, Switzerland, Maldives, Georgia, Hong Kong, Macao and Taiwan. China has also recently signed free trade agreements with Korea and Australia, both of which contain investment details. With regard to the DBA, China has concluded numerous agreements, including with BRICS members, India, Russia and South Africa, as well as with EAEU members.
It often offers preferential trading conditions to countries along its Belt-Road initiative. India has a lack of record with free trade agreements, and has recently exited the RCEP agreement, in the decisions we have explained here and the alternative options we are discussing here. Otherwise, India has a free trade agreement with the ASEAN group of countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand-Vietnam) and the South Asian Free Trade Area (SAFTA) group, which includes Afghanistan, Bangladesh, Bhutan, the Maldives, Nepal, Pakistan and Sri Lanka. We have already discussed this here India has also concluded free trade agreements with Japan and South Korea. With regard to the DBA, India has 88 DBA in force, including agreements with all BRICS and EAEU members, Armenia, Belarus, Kazakhstan and Kyrgyzstan, but has not signed China`s Belt-Road initiative. The declaration reaffirms the BRICS`s support for multilateralism and underlines the central role played by the United Nations in this regard as a universal intergovernmental organization responsible for maintaining international peace and security, promoting sustainable development and promoting and defending human rights and fundamental freedoms. Heads of state and government reaffirm their commitment to the goals and principles set out in the Charter of the United Nations, as well as to strengthening multilateral institutions of global governance to ensure that they are able to meet global challenges globally. Russia As mentioned above, Russia is a founding member of the Eurasian Economic Union, which also has a free trade agreement with Iran, Singapore, Serbia and Vietnam. Many other nations are currently negotiating a free trade agreement with the EAEU (see map below), including China, which has signed an agreement but has not yet reached agreement on tariffs on certain products.