BRICS fin mins, central bank chiefs raise concerns on unilateral trade and finance-related measures

New Delhi: Finance ministers and central bank governors of BRICS countries raised concerns over unilateral trade and finance-related measures, including higher tariffs and non-tariff barriers, while backing further work on cross-border payment interoperability and local-currency settlements.

The group also called for reforms of the Bretton Woods institutions, including the IMF and World Bank, to give emerging markets and developing economies greater voice and representation. It urged meaningful quota realignment under the IMF’s 17th General Review of Quotas and said reforms should reflect the changing weight of emerging economies in the global economy.

“We…reiterate that quota realignment should reflect countries’ relative positions in the global economy, increase the quota and voting shares of Emerging Markets and Developing Economies (EMDE) and should not come at the expense of developing countries, while ensuring that a new, simple, and transparent quota formula protects the quota shares of the poorest members and guides but does not constrain access to Fund resources. We also believe that any voluntary financial contributions should not influence quota allocation, governance representation and voting power,” they said.


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In a joint statement issued in Mumbai on Thursday after the BRICS Finance Ministers and Central Bank Governors meeting in Mumbai on September 10, the leaders said the BRICS Payment Task Force had been studying the interoperability of cross-border payment and messaging channels as part of the BRICS Cross-Border Payments Initiative.

“We continue to have serious concerns with the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures, which distort trade and are inconsistent with World Trade Organisation rules. These pressures weigh most heavily on EMDEs,” they said in a joint statement issued Friday, insisting on mobilising development finance, reaffirming the role of multilateralism and strengthening international financial cooperation.

“The global economy is facing significant headwinds. Risks to the global economic outlook remain elevated, reflecting persistent geopolitical tensions, trade fragmentation and protectionism, policy uncertainty, fiscal and inflationary pressures, growing debt and financial vulnerabilities,” they said.

The leaders said the BRICS Payment Task Force had been studying the interoperability of cross-border payment and messaging channels as part of the BRICS Cross-Border Payments Initiative. The group, however, acknowledged that there is “no one-size-fits-all approach” to promoting local-currency settlements and said such efforts would respect national priorities.

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Development finance, insurance

On development finance, the BRICS group encouraged the New Development Bank to expand local-currency financing, diversify funding sources and mobilise resources for high-impact projects supporting inclusive and sustainable growth.

“We note the preparatory work undertaken by the NDB for the pilot phase of the initiative under its existing Policy on Guarantees aimed at supporting sustainable development and resilient infrastructure projects,” the bloc said.

The statement also highlighted progress on the proposed BRICS Multilateral Guarantees initiative, which aims to mobilise private capital, improve creditworthiness and lower financing costs for development and infrastructure projects in BRICS and other developing economies.

On customs cooperation, members said they had reached convergence on a Customs Mutual Administrative Assistance Agreement, with countries that are in a position to do so confirming in-principle approval and willingness to sign it, subject to domestic approval processes. They also agreed to work towards stronger cooperation on authorised economic operator programmes and joint customs enforcement operations.

They welcomed the initiatives on the establishment of the BRICS Tax Support Network and the launch of the BRICS Tax Cross-Learning Lab and further development of the BRICS Tax Collaboration Tool, while recognizing that participation in any data-sharing activities would remain subject to applicable national laws and regulations governing the sharing and disclosure of data.

They backed efforts to build a more self-reliant BRICS insurance ecosystem and discussed India’s proposal to host a BRICS Risk Lab at GIFT City International Financial Services Centre in Gujarat. The proposed platform would support the development of common risk models, exchange of best practices and specialist capabilities.

On technology, the BRICS members adopted an emerging-market and developing-economy-centric approach to assessing the opportunities and risks from artificial intelligence and quantum computing in finance. It called for responsible deployment of emerging technologies while strengthening regulatory oversight.

The statement said BRICS would continue work through 2026 to advance these initiatives, with China taking over the chairmanship in 2027.

“During India’s Chairship in 2026, BRICS central banks have extensively collaborated to advance a wide range of initiatives under the six central bank workstreams. Through nineteen meetings and four in-person events, the Central Bank track fostered meaningful interactions across its membership. Thirteen reports and technical papers, which have been prepared based on substantial contributions by members, demonstrate our collaborative spirit,” they said,

As per the statement, the BRICS Contingent Reserve Arrangement members acknowledged the efforts of the CRA Technical Team towards enhancing the CRA’s operational resilience and making it more responsive during times of crises, adding that amendments to the CRA Treaty will help it function with greater flexibility and responsiveness as a BRICS financial safety net.