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Informist, Friday, Sept. 11, 2026

 

NEW DELHI – BRICS finance ministers and central bank governors have objected to the raising of tariffs and non-tariff measures on partner countries as these distort trade and are inconsistent with World Trade Organization rules. The leaders also reiterated their support for "an open, transparent, inclusive, non-discriminatory, and rules-based multilateral trading system with the World Trade Organization at its core", according to a joint statement Thursday.

 

"We continue to have serious concerns with the unilateral imposition of trade and finance-related actions," the statement said. "These pressures weigh most heavily on Emerging Markets and Developing Economies."

 

These comments hold significance as the US and India are currently negotiating a free trade agreement. Negotiations have seen a lot of ebb and flow, with the two countries having major differences on opening up India's sensitive agricultural sector to genetically modified products from the US. The Donald Trump administration's steep reciprocal tariffs and Section 301 probe against India on the failure to effectively prohibit the import of goods manufactured using forced labour and, now, the new Russia-linked sanctions bill, have added to the complexity of finalising a deal. The two countries had on Feb. 7 issued a joint statement agreeing on a framework for an interim agreement for mutually beneficial trade but are yet to finalise the first phase of the trade agreement. Further, trade ties between the US and other BRICS member countries like China and Brazil have also been strained since last year.

 

The intergovernmental organisation continues to focus on the reform of global economic governance amid the growing share of emerging markets and developing economies in global output and growth. It also reiterated the urgent need to reform the Bretton Woods Institutions in order to make them more agile, effective, credible, and inclusive. The leaders also urged for reforms to make them fit for purpose, unbiased, accountable, and representative, to enhance their legitimacy, the statement said.

 

"BWI (Bretton Woods Institutions) governance structure should be reformed to reflect the transformation of the global economy since their establishment," the statement said. The leaders also reiterated the need for improved management procedures, including a merit-based, inclusive, and transparent selection process that would increase regional diversity and representation of emerging markets and developing economies under the leadership of the International Monetary Fund and the World Bank.

 

The discussion took place during the leaders' meeting in Jaipur on Aug. 12–13 and in Mumbai on Sept. 10 under the theme "Building for Resilience, Innovation, Cooperation and Sustainability". India, which currently holds the BRICS presidency, is hosting a two-day BRICS Summit Sept. 12 in the national capital. The bloc's other founding members are Brazil, Russia, China, and South Africa. The group was expanded in 2024 to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. The bloc aims to promote unified perspectives of emerging economies at multilateral forums.

 

Under the sustainability pillar, the leaders reaffirm their commitment to the full and effective implementation of the United Nations Framework Convention on Climate Change and its Paris Agreement. It was guided by the principles of equity and common but differentiated responsibilities and respective capabilities, in the light of different national circumstances, the statement said. 

 

Drawing on the principles of the UN Framework Convention on Climate Change and its Paris Agreement, the leaders also said the discussion note on climate finance could serve as a "non-binding reference" to further dialogue and exchange perspectives, enable transparency on climate finance flows, and facilitate sharing of best practices. They also welcomed the discussion paper on artificial intelligence and the green economy, which focusses on opportunities and challenges of responsibly leveraging AI for sustainable growth.

 

Further, the leaders deliberated on the work of the Task Force on Public-Private Partnerships and Infrastructure. "The task force advanced discussions on PPP (public-private partnerships) models and modalities, de-risking frameworks and approaches to strengthening disaster resilience in infrastructure projects," the statement said.

 

On the recently-launched "BRICS-NDB Knowledge Portal" under the Indian chairship, the meeting discussed that the portal will bring together development experiences, best practices, policy innovations, and lessons from country programmes and National Development Bank-financed projects across BRICS members. "The portal is designed to serve as a repository of the outcomes of BRICS Finance Track workstreams, including the task force on growth and development," the statement said.

 

The BRICS leaders also welcomed the progress achieved under the Indian chairship in advancing discussions on the New Investment Platform. "We note the constructive technical discussions held among members on the establishment of a dedicated Study Group under the BRICS Finance Track as a platform for technical dialogue and knowledge-sharing," the statement said.

 

In 2026, BRICS central banks have extensively collaborated to advance a wide range of initiatives under the six central bank work streams. The finance ministers and central bank governors of member countries also discussed and acknowledged the efforts and developments in initiatives such as "BRICS Rio de Janeiro Vision for IMF Quota and Governance Reform" and various sectors including insurance, emerging technologies, cybersecurity, policy research, and cross-border payment, according to the statement. "We will continue our work through 2026 with a view to advancing our initiatives and ensuring a smooth transition and continued momentum under the chairship of China in 2027," the joint statement said.  End

 

Reported by Shweta

Edited by Shubhayan Bhattacharya

 

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