Manturov calls for expanding barter in international trade

SOCHI. Oct 10 (Interfax) - Barter could become a way to reduce payments in U.S. dollars in international trade and it could be implemented in the national currency equivalent or directly in physical weight, Russian Deputy Prime Minister and Industry and Trade Minister Denis Manturov said.

He proposed using barter arrangements at the plenary session of the Innofood forum on Monday.

"We are complimentary. You, for example, don't have fertilizer but we do, [so] we give you fertilizer and you give us cocoa beans, and so on. Moreover, we don't need to use the dollar," Manturov said, addressing Brazilian Deputy Agriculture Minister Renata Miranda.

Speaking with reporters later, Manturov said barter could be used more widely. "We supply one product and in exchange take a different product. Brazil is not an exception in terms of such mechanisms. They're not new, they just need to be used," he said.

Barter transactions could be calculated in physical weight or in the national currency equivalent, Manturov said, adding that this mechanism could be used with any partner country.

As far as Brazil is concerned, Manturov said at the plenary session that Russia is not just interested in cooperation in the area of agriculture and that cooperation on aircraft manufacturing could be developed with Embraer.

"Renata said that Brazil produces traditional products that are indeed not produced in Russia. I want to also add that Brazil is not just agricultural products, but we're similar in other sectors of the economy, such as engineering and aviation. Embraer, I know this company very well. Unfortunately, they are now working more with Boeing, but I hope that we as members of BRICS - we are members of BRICS after all - so sooner or later we will also work more actively in the area of aviation," Manturov said.