BRICS flags unilateral tariffs, trade barriers as global risks

Track latest updates of BRICS Summit 2026

BRICS finance ministers and central bank governors raised “serious concerns” over the unilateral use of trade and finance-related measures on Friday, including higher tariffs and non-tariff barriers, warning that such actions are distorting global trade and adding to risks facing the world economy.

In a joint statement issued after their meeting in Mumbai on September 10, the grouping said the global economic outlook remained under pressure from geopolitical tensions, trade fragmentation and protectionism, policy uncertainty, fiscal and inflationary pressures, and growing debt and financial vulnerabilities.


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The unilateral imposition of trade and finance-related actions, including tariffs and non-tariff measures, was a particular concern, BRICS said, adding that such measures distort trade and are inconsistent with World Trade Organisation rules.

The pressures were weighing particularly heavily on emerging markets and developing economies, even as BRICS economies continued to contribute significantly to global growth, the statement said.

BRICS backs open, rules-based trade

Against the backdrop of rising protectionism, the grouping reiterated its support for an open, transparent, inclusive and non-discriminatory multilateral trading system, with the WTO at its core.

BRICS member countries said strengthening global economic resilience would require greater mobilisation of development finance, stronger international financial cooperation, investment in infrastructure and productive capacity, and the use of trade, innovation and technology to support growth.

These efforts should give particular attention to the needs of emerging markets and developing economies, it added.

Track latest updates of BRICS Summit 2026

Push for bigger say at IMF and World Bank

The statement also renewed BRICS' long-standing demand for reform of global economic governance, arguing that international financial institutions must better reflect the transformation of the global economy and the growing weight of emerging and developing economies.

BRICS reiterated the need to reform the Bretton Woods Institutions to make the Global South more representative, inclusive and accountable. It said the voice and representation of emerging markets and developing economies should reflect their relative position in the global economy.

The grouping also called for improvements in the selection processes for the leadership of the IMF and World Bank, including merit-based and transparent procedures that increase regional diversity and representation of emerging economies.

BRICS called for the implementation of quota increases agreed under the IMF's 16th General Review of Quotas without further delay and pushed for meaningful quota realignment under the 17th review.

The grouping said quota reforms should increase the quota and voting shares of emerging markets and developing economies without coming at the expense of developing countries, while protecting the interests of the poorest members.

It also said voluntary financial contributions should not influence quota allocation, governance representation or voting power.

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India proposes BRICS Risk Lab at GIFT City

The statement also recorded progress in discussions on building a more self-reliant BRICS insurance ecosystem to support trade among member countries.

Members expressed interest in taking forward discussions on India's proposal to host a BRICS Risk Lab at the GIFT City International Financial Services Centre in Gujarat.

The proposed platform would be open to interested members, while BRICS also continued discussions on the possible creation of a BRICS Insurance Resilience Centre as a voluntary platform for developing common risk models, exchanging best practices and building specialist capabilities.

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From tariffs to payments: BRICS widens its economic agenda

The statement issued on Friday underlines how BRICS' economic agenda is increasingly extending beyond its traditional calls for reform of global financial institutions.

The grouping is now simultaneously pushing back against protectionism, seeking greater representation for emerging economies at the IMF and World Bank, exploring more efficient cross-border payment systems and local-currency settlements, and expanding cooperation in areas ranging from insurance and infrastructure to artificial intelligence and cybersecurity.

For emerging economies facing an increasingly fragmented global trading and financial system, the BRICS grouping wants a larger role in shaping the rules governing both global trade and finance.