BRICS Finance Ministers and Central Bank Governors have raised concerns over higher tariffs and non-tariff barriers to global trade, while stepping up efforts to make cross-border payments within the bloc faster and cheaper, with greater use of local currencies for trade and investment.

In a joint statement issued after their final 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 BRICS Payment Task Force had studied cross-border interoperability of payment and messaging channels and discussed trade settlements and investments using local currencies, while respecting national priorities and acknowledging that there was no one-size-fits-all approach, it added.

The statement encouraged the task force to continue discussions on practical cross-border payment solutions that are fast, low-cost, accessible, efficient, transparent, and safe.

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.

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.

On the IMF, the statement urged the entry into effect of quota increases agreed under the 16th General Review of Quotas and called for work on meaningful quota realignment under the 17th review. On the World Bank, it said the 2025 shareholding review was a key tool to strengthen the institution’s legitimacy and correct the historical underrepresentation of developing countries.

The statement also backed a larger role for the New Development Bank, including local-currency financing, project-preparation facilities, diversified funding sources and support for development projects in BRICS and Global South economies.

India’s proposal to host a BRICS Risk Lab at GIFT City International Financial Services Centre in Gujarat also found mention in the statement. The proposal is linked to discussions on a BRICS Insurance Resilience Centre, a voluntary platform for risk models, best practices, and specialist capabilities.