NEW DELHI: Finance ministers and central bank governors of BRICS countries have called for practical solutions to make cross-border payments among member countries faster, cheaper, more transparent, and safer, while encouraging use of local currencies for trade settlements and investments.
In a joint statement issued in Mumbai on Thursday, 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. The statement did not propose a common BRICS currency.
The finance chiefs also backed continued technical discussions on settlement and depositary infrastructure, following a workshop that examined differences in the legal, institutional, regulatory and technical frameworks across member countries.
The statement comes against the backdrop of growing concerns over trade fragmentation, protectionism and policy uncertainty. BRICS members criticised unilateral trade and finance-related measures, including higher tariffs and non-tariff measures, saying these distort trade and are inconsistent with World Trade Organisation rules.
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.
On development finance, the BRICS group welcomed the growing role of the New Development Bank and encouraged it to expand local-currency financing, diversify funding sources and mobilise resources for high-impact projects supporting inclusive and sustainable growth.
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.
The finance chiefs further backed efforts to build a more self-reliant BRICS insurance ecosystem. They 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, they 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.
