Key facts
- BRICS finance ministers and central bank governors called for reform of global development financial institutions.
- They seek to make international financial institutions more representative, transparent, and accountable.
- BRICS countries expressed concerns over the unilateral imposition of trade and finance-related actions, including tariffs.
- They urged progress on linking digital currencies across BRICS countries.
- BRICS finance chiefs encouraged the BRICS Payment Task Force to find practical solutions for cross-border payments.
Finance ministers and central bank governors from BRICS nations have issued a joint statement calling for significant reforms to global development financial institutions, including the International Monetary Fund and the World Bank. The group emphasized the growing economic influence of emerging market and developing economies, advocating for these institutions to become more representative, transparent, and accountable.
The statement, released late on Thursday, highlighted that the reform of global economic governance remains a consistent priority for BRICS. The bloc aims to strengthen coordination among its members to achieve these objectives.
India is set to host the BRICS Leaders' Summit this weekend in New Delhi, with leaders from Russia, China, and Iran expected to attend. This summit occurs amidst heightened global tensions, including the ongoing conflict that has led to increased oil prices, impacting emerging economies already facing volatility from U.S.-imposed trade tariffs.
The BRICS finance chiefs also voiced strong concerns regarding the "unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures," stating that such actions distort trade and contravene World Trade Organization rules.
Furthermore, the group acknowledged the work of the BRICS Payment Task Force and pushed for advancements in creating interoperable payment systems among member nations. They encouraged the task force to continue developing fast, low-cost, accessible, efficient, transparent, and safe cross-border payment solutions. Two sources familiar with the discussions indicated that India plans to advocate for progress in linking digital currencies across BRICS countries during the summit.