BRICS finance chiefs call for reform of international financial institutions and cross‑border payment interoperability

"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 last week.

"We will continue to strengthen co-ordination among Brics members to make international financial institutions more representative, transparent and accountable," they said.

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 US and Israel launched attacks on Iran, a Brics member since 2024.

The rise in oil prices as a result of the conflict has added to pressure on emerging economies that have also felt the impact of volatility in trade tariffs imposed by the US.

"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 rules," the finance chiefs' statement said.

While acknowledging the work done by the Brics payment task force, the finance chiefs pushed for progress in ensuring greater interoperability of payment systems across member nations.

"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 push for progress on linking digital currencies across Brics countries, two sources familiar with the discussions said.