Mumbai: BRICS finance ministers and central bank governors called for greater representation of emerging-market and developing economies in the IMF and World Bank, and criticised unilateral tariffs and trade measures, as the expanded bloc sought to strengthen financial cooperation amid rising geopolitical and economic fragmentation.
In a joint statement issued after meeting here, the ministers and central bank governors backed greater use of local currencies for trade and investment, and pushed ahead with work on cross-border payment systems.
The global economy, they said, faced heightened risks from geopolitical tensions, trade fragmentation, protectionism, policy uncertainty, fiscal and inflationary pressures, debt and financial vulnerabilities.
“We continue to have serious concerns about 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 (WTO) rules,” BRICS members said without naming any country.
They said such pressures weighed most heavily on emerging markets and developing economies and reaffirmed support for an “open, transparent, inclusive, non-discriminatory, and rules-based multilateral trading system with the World Trade Organisation (WTO) at its core”.
These remarks are important as the USA’s trade and tariff policies have disrupted global trade. Declaring April 2, 2025, as “Liberation Day”, US President Donald Trump announced a sweeping package of reciprocal global tariffs on a host of countries, including India, Brazil, Russia and China.
Though these tariffs were struck down by the US Supreme Court in February, the Trump administration imposed additional 10 per cent tariffs on a number of countries, including India, from July 24.
The BRICS grouping renewed its call for reform of the Bretton Woods institutions, saying their governance structures should reflect the transformation of the global economy since the institutions were established.
The bloc called for a greater voice and representation for emerging-market and developing economies in the IMF and World Bank, including through changes to quota and voting shares.
BRICS also urged the IMF to bring into effect without further delay the quota increases agreed under its 16th General Review of Quotas and called for approaches to “meaningful quota realignment” to be developed at the earliest under the 17th review.
The group said any new quota formula should protect the shares of the poorest members and that voluntary financial contributions should not influence quota allocation, governance representation or voting power.
It also called for a merit-based, inclusive and transparent process for selecting the leadership of the IMF and World Bank, with greater regional diversity and representation from developing economies.
Under India’s 2026 BRICS chairship, members said they had continued work on the bloc’s cross-border payments initiative, including examining interoperability between payment and messaging systems.
The BRICS Payment Task Force has also discussed promoting trade settlements and investment using members’ local currencies while recognising that there is no one-size-fits-all approach, the statement said.
The group encouraged further work to develop cross-border payment mechanisms that are fast, low-cost, accessible, efficient, transparent and secure.
The statement stopped short of announcing a common BRICS currency or a unified payments system.
BRICS central banks have also worked on a range of initiatives during India’s chairship, holding 19 meetings and four in-person events and producing 13 reports and technical papers, according to the statement.
The bloc backed a greater role for the New Development Bank (NDB) in financing development and infrastructure projects across BRICS and the Global South.
Members encouraged the bank to mobilise resources, expand local-currency financing, strengthen project-preparation facilities and diversify funding sources.
They also welcomed the progress of the BRICS Multilateral Guarantees initiative, which is intended to help mobilise private capital, improve the creditworthiness of projects and reduce financing costs.
The group said technical work would continue on a proposed New Investment Platform, with members supporting a phased, consensus-based and member-driven approach that respects national sovereignty and differing regulatory frameworks.
The ministers welcomed the establishment under India’s chairship of the BRICS Task Force on Growth and Development, which is focused on shared challenges facing BRICS and other emerging-market economies.
The task force has examined development finance, digital public infrastructure, artificial intelligence, structural reforms, climate finance and sustainable development.
Members also welcomed the launch of the BRICS-NDB Knowledge Portal, developed with the New Development Bank, to share development experiences, policy innovations and best practices across member countries.
India also proposed hosting a BRICS Risk Lab at the GIFT City International Financial Services Centre in Gujarat as part of efforts to strengthen insurance and reinsurance capacity among BRICS countries.
The statement said interested members had expressed support for taking forward discussions on the proposal.
The BRICS finance ministers and central bank governors reaffirmed their commitment to implementing the UN climate convention and Paris Agreement, while emphasising the principle of common but differentiated responsibilities and respective capabilities.
BRICS members also backed annual cyber exercises and greater information sharing on cyber incidents affecting the financial sector.
China is due to take over the BRICS chairship in 2027, with the group saying it would work through the rest of 2026 to ensure a smooth transition and maintain momentum on its financial and economic initiatives.
