Finance ministers and central bank governors of Brics nations have expressed “serious” concern at the unilateral imposition of tariffs and non-tariff measures, calling them inconsistent with World Trade Organisation (WTO) rules, and pushed for pragmatic solutions to build an efficient cross-border payment mechanism within the bloc.
In a joint statement issued on Friday after their September 10 meeting in Mumbai, the ministers said the global economy was facing significant headwinds from geopolitical tensions, trade fragmentation, inflationary pressures and growing financial vulnerabilities.
“We continue to have serious concerns with the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures, which distort trade and are inconsistent with World Trade Organisation (WTO) rules,” they said.
Trump tariffs and other US measures
The statement does not name any country for the actions that the grouping describes as concerning, but it comes against the backdrop of the global trade tumult unleashed in April, 2025 when US President Donald Trump announced what he described as reciprocal tariffs. While those duties have been struck down by US courts, Washington has taken to other methods and spoken of plans to replace the levies on several Brics nations.
“These pressures weigh most heavily on Emerging Markets and Developing Economies (EMDEs),” they added. A joint statement represents consensus among all members.
The bloc’s economies had nevertheless demonstrated resilience, the statement said, adding that members would strengthen collective efforts to sustain investment and growth and preserve an open and inclusive global economic environment.
“We reiterate our support for an open, transparent, inclusive, non-discriminatory, and rules-based multilateral trading system with the World Trade Organisation (WTO) at its core,” it added.
The joint statement was issued under India’s chairship after two rounds of meetings — the first in Jaipur on August 12-13, followed by the final meeting in Mumbai on September 10.
On cross-border payment systems
Brics nations have been working on an efficient payment system among themselves for some time.
In the statement, members acknowledged the work of the Brics Payment Task Force (BPTF) in exploring pragmatic solutions for cross-border payment mechanisms, drawing on guidance from the Kazan and Rio Declarations on the Brics Cross-Border Payments Initiative.
“In this regard, we acknowledge the work done to study the cross-border interoperability of payment and messaging channels, and the discussions on promoting trade settlements and investments using Brics local currencies, while respecting national priorities and acknowledging that there is no one-size-fits-all approach,” the statement said.
The statement also recognised the growing role of the New Development Bank (NDB) as a “robust and strategic agent of development and modernisation in Brics and the Global South”.
India will hand over the Brics chairship to China in 2027.