BRICS – Finance ministers and central bank governors of the BRICS group of countries called for reform of global financial institutions, foremost among them the International Monetary Fund and the World Bank, to give emerging and developing market economies greater representation in the management of the global economic system.
A call for financial governance reform
In a joint statement, the finance officials stressed that the increasing contribution of emerging and developing economies to global output and growth makes reforming global economic governance a firm priority for the group.
They stressed the importance of continued coordination among BRICS countries to make international financial institutions more representative, transparent, and accountable, in line with the transformations taking place in the global economy.
Criticism of unilateral tariffs and measures
The finance ministers expressed their concerns about unilateral actions related to trade and finance, including increased tariffs and non-tariff measures, considering them detrimental to international trade and contrary to the rules of the World Trade Organization.
These positions come at a time when emerging economies are facing additional pressure as a result of rising oil prices linked to tensions and conflicts, along with the repercussions of fluctuating US tariffs.
Strengthening payment systems among BRICS countries
The ministers commended the efforts of the BRICS Payments Task Force, calling for greater progress in enhancing the interoperability of payment systems among member states.
The statement stressed the need to work on finding practical solutions for payments between member states that are fast, low cost and easy to access, while also ensuring their effectiveness, transparency and security.
India is hosting the BRICS leaders’ summit in New Delhi early next week, with the participation of leaders from several member states, including Russia, China and Iran.
