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BRICS Pushes Cross-Border Payments and Local Currencies as India-Led Finance Track Advances

border payments, local currencies as India
Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInstitutional DevelopmentSustainable Development

Source: The Tribune | Original Published At: 2026-09-11 09:52:56 UTC

Key Points

  • BRICS countries will deepen cooperation on cross-border payments, local-currency settlements, development finance and financial resilience under India's 2026 chairship.
  • The BRICS Finance Ministers and Central Bank Governors' Joint Statement reaffirmed work on interoperable payment channels and local-currency trade and investment settlements.
  • Members encouraged the BRICS Payment Task Force to develop cross-border payment solutions that are fast, low-cost, accessible, efficient, transparent and safe.
  • The New Development Bank was urged to mobilize resources, expand local-currency financing, diversify funding sources and support inclusive and sustainable growth projects.
  • BRICS welcomed progress on the Multilateral Guarantees initiative, which aims to mobilize private capital, improve creditworthiness and reduce financing costs for development projects.
  • India's chairship advanced customs cooperation, including the first BRICS Joint Customs Enforcement Operation and work toward a Customs Mutual Administrative Assistance Agreement.
  • BRICS members endorsed policy dialogue on artificial intelligence and emerging technologies in finance, while stressing regulatory oversight and responsible deployment.
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