Luciano Coutinho, president of Banco Nacional de Desenvolvimento Economico e Social (BNDES), said the framework agreement to be signed by the BNDES, China Development Bank, Development Bank of Southern Africa, Vnsheconombank and Eximbank of India aims to strengthen cooperation between financial institutions and enhance economic and commercial relationship among countries members, strengthen cooperation in finance, securities and other financial mechanisms to support business transactions between BRICS counties, and study possibilities to make local currency financing between the countries.

"The institutions have also expressed interest in assisting each other on issues of access to local markets (financial and capital markets) and possible bond issues in local currency," he said.

The framework will allow the countries and their companies, over time, to rely less on foreign financing in cross-border transactions among BRICS countries, from trade finance to direct investment, and avoid unnecessary hedging costs, said Coutinho, adding it is one step among other several important ones related to closer ties among the member countries.

He made the remarks at the BRICS Interbank Cooperation Mechanism Annual Meeting and Financial Forum themed as Financial Cooperation for A Better Future held in Sanya on Wednesday.