BRICS Warns Against Unilateral Tariffs and Trade Barriers

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Source: नवभारत टाइम्स | Original Published At: 2026-09-11 12:45:57 UTC

BRICS finance ministers and central bank governors issued a joint statement after a meeting in Mumbai on 10 September raising serious concerns over unilateral trade and financial measures, including high tariffs and non-tariff barriers.
The statement said such steps undermine global trade, are contrary to World Trade Organization rules, and increase risks to the world economy, especially for emerging markets and developing economies.
BRICS reaffirmed support for an open, transparent, inclusive and non-discriminatory multilateral trading system with the WTO at its centre.
The group called for reforms of Bretton Woods institutions to give emerging and developing economies greater representation and voting power, including timely implementation of IMF quota increases and meaningful changes in the 17th quota review.
BRICS members discussed strengthening development finance, international financial cooperation, infrastructure investment, and the use of trade, innovation and technology to support growth.
The statement noted progress in talks on a more self-reliant BRICS insurance ecosystem and a proposed BRICS Risk Lab to be hosted at GIFT City, Gujarat, along with a possible BRICS Insurance Resilience Centre.
BRICS also highlighted broader economic cooperation, including more efficient cross-border payment systems, local-currency settlement, and collaboration in areas such as artificial intelligence and cyber security.