BRICS finance ministers and central bank governors have called for reform of institutions including the International Monetary Fund and World Bank, arguing that emerging-market economies should have a stronger voice in global economic decision-making.
In a joint statement issued ahead of the BRICS leaders’ summit in New Delhi, the group said the growing contribution of developing economies to global output and growth made reform of economic governance an ongoing priority.
The finance chiefs said they would strengthen co-operation among BRICS members to make international financial institutions more representative, transparent and accountable.
The statement comes as India prepares to host the bloc’s leaders this weekend, with the presidents of Russia, China and Iran expected to attend. Iran joined BRICS in 2024.
BRICS members also criticised what they described as unilateral trade and financial measures, including tariffs and non-tariff barriers, which they said distorted commerce and were inconsistent with World Trade Organisation rules.
Emerging economies have faced additional pressure from higher oil prices linked to the conflict involving Iran, while uncertainty caused by shifting US tariff policies has added to volatility in international trade.
The finance ministers and central bank governors backed further work on making payment systems between BRICS countries more compatible. They said the aim should be to support cross-border payments that are faster, cheaper, more accessible, efficient, transparent and secure.
The BRICS Payment Task Force was urged to continue developing practical proposals. India is also expected to press for progress on linking digital currencies across member states during the summit discussions.
