“With the growing share of emerging market and developing economies in global output and growth, reform of global economic governance remains a consistent BRICS priority,” finance chiefs of BRICS countries said in a joint statement issued late on Thursday.
The finance chiefs said they would continue strengthening coordination among BRICS members to make international financial institutions more representative, transparent and accountable.
India will host the BRICS Leaders’ Summit this weekend, with leaders from Russia, China and Iran due to attend. The summit in New Delhi comes more than six months after the U.S. and Israel launched attacks on Iran, a BRICS member since 2024.
The rise in oil prices resulting from the conflict has added to pressure on emerging economies, which have also been affected by volatility in trade tariffs imposed by the U.S.
The finance chiefs said they continued to have serious concerns over unilateral trade and finance-related actions, including higher tariffs and non-tariff measures. According to their statement, such measures distort trade and are inconsistent with World Trade Organization rules.
The BRICS finance chiefs also called for greater interoperability of payment systems across member nations. While acknowledging the work carried out by the BRICS Payment Task Force, they urged further progress on practical solutions for cross-border payments.
“We encourage the BRICS Payment Task Force to continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among BRICS countries, which are fast, low-cost, more accessible, efficient, transparent, and safe,” the statement said.
India will also push for progress on linking digital currencies across BRICS countries, two sources familiar with the discussions told Reuters earlier this week.
The push for reforms to international financial institutions, closer coordination on cross-border payments and progress on linking digital currencies are set to remain key financial issues as BRICS leaders gather in New Delhi.
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