The Finance Ministers and Central Bank Governors (FMCBG) of the BRICS nations collectively voiced their concerns about the “unilateral imposition” of tariffs and non-tariff measures that distort trade, in a joint statement issued on Friday (September 11, 2026).
The first FMCBG meeting under India’s chairmanship of BRICS was held on August 12, 2026, in Jaipur, and the second was held on September 9-10 in Mumbai, following which the joint statement was issued.
The FMCBG also called for “practical solutions” to enhance cross-border payments in local currencies. However, they also acknowledged the primacy of national priorities in such matters and that there can be no “one-size-fits-all approach”.
Local currency trade
“These pressures weigh most heavily on Emerging Markets and Developing Economies (EMDEs). it is the only country that is actively engaged in levying extraordinary tariffs on its trade partners While the joint statement did not mention the U.S.. India used its chairship to establish a BRICS Task Force on Growth and Development as a dedicated platform to address shared growth and development challenges of relevance to BRICS and other emerging markets and developing economies. The Task Force is structured into two workstreams covering the Resilience, Innovation and Cooperation pillars, and the Sustainability pillar. The joint statement also covered other areas of discussion between the BRICS countries, such as the reform of multilateral lending institutions such as the World Bank and the International Monetary Fund, tax and customs cooperation between BRICS jurisdictions, central bank capacity building, cybersecurity, artificial intelligence and quantum computing in finance, and the global economy.
“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,” the joint statement said. The BRICS Finance Ministers and central bank governors also reiterated their support for an “open, transparent, inclusive, non-discriminatory, and rules-based” multilateral trading system with the WTO at its core. The FMCBG acknowledged the efforts of the BRICS Payment Task Force (BPTF) in exploring “pragmatic solutions” for efficient cross-border payment mechanisms. “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 joint statement said. The FMCBG encouraged the payments task force to continue discussions to facilitate “practical solutions for cross-border payments among BRICS countries, which are fast, low-cost, more accessible, efficient, transparent, and safe”. “We recognise the Task Force on Growth and Development as a platform that provides BRICS countries a space to discuss growth models suited to their own national contexts and development priorities, and encourage the continuation of its work, in alignment with the workstreams of Ministries of Finance and Central Banks,” the joint statement said.
