BRICS finance ministers and central bank governors have stepped up efforts to make cross-border payments within the bloc faster and cheaper, while backing greater use of local currencies for trade and investment.
In a joint statement issued after their meeting in Mumbai, the BRICS Finance Ministers and Central Bank Governors said the BRICS Payment Task Force is examining practical solutions for cross-border payments, including interoperability between payment and messaging systems. The group said the aim is to make transactions faster, lower-cost, more accessible, efficient, transparent and secure.
The statement did not announce a common BRICS currency or a single bloc-wide payment network. Instead, members stressed that there is “no one-size-fits-all approach”, with implementation to take account of national priorities.
Local Currencies Get Bigger Role
BRICS members also discussed using their own currencies for trade settlements and investments. The push comes as the expanded grouping seeks to reduce friction in cross-border transactions and strengthen financial cooperation among emerging markets.
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The issue is also gaining momentum ahead of the BRICS leaders' summit in New Delhi on September 12-13. India is separately pushing for greater interoperability between central bank digital currencies, although technical and political hurdles remain.
Tariffs, Trade Fragmentation Flagged
At the same time, the BRICS finance ministers and central bank governors warned that the global economic outlook remains exposed to geopolitical tensions, trade fragmentation, protectionism, policy uncertainty, inflationary pressures, fiscal risks and rising debt.
The group specifically criticised the unilateral use of tariffs and non-tariff measures, saying these distort trade and place a disproportionate burden on emerging and developing economies. It reiterated support for a rules-based global trading system with the World Trade Organisation at its core.
The statement also highlighted the need for reforms to global financial institutions, including the IMF and World Bank, to give emerging and developing economies greater representation.
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