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BRICS Finance Ministers Advance Cross-Border Payments and Financial Reform
Finance leaders from BRICS countries talked about making it easier and cheaper to send money across borders.
They studied whether payment systems in different countries could work better together.
They also discussed using countries’ own currencies for trade and investment.
The leaders said solutions should respect each country’s needs rather than follow one single model.
They want global financial institutions to give emerging and developing countries a stronger voice.
They supported a bigger role for the New Development Bank in funding development projects.
They also discussed working together to reduce illegal money flows linked to taxes.
The meeting took place before a two-day BRICS Summit in Delhi.
BRICS finance ministers and central bank governors discussed efficient cross-border payment mechanisms.
The BRICS Payment Task Force examined payment-channel interoperability and local-currency trade settlements.
Ministers called for reforms to make global financial institutions more representative and accountable.
The group supported expanding the New Development Bank’s local-currency financing and development role.
BRICS members reaffirmed cooperation on taxation, illicit financial flows, and fair taxing rights.
- Who
- Finance ministers and central bank governors from BRICS countries.
- What
- They discussed cross-border payment mechanisms, local-currency settlements, global financial reforms, development financing, and tax cooperation.
- Where
- The BRICS Summit was to be held in Delhi.
- When
- The joint statement was issued on Friday, one day before a two-day BRICS Summit.
- Why
- To make cross-border payments faster, cheaper, safer, and more accessible, while strengthening financial cooperation and representation for emerging and developing economies.
Key facts
- Payment initiative
- The BRICS Payment Task Force is exploring practical solutions for cross-border payments.
- Local currencies
- The task force discussed using BRICS members’ local currencies for trade settlements and investments.
- Global institutions
- BRICS called for reforms to the Bretton Woods Institutions, including greater representation for emerging markets and developing economies.
- International Monetary Fund
- The group supported a strong, quota-based, adequately resourced IMF at the center of the global financial safety net.
- New Development Bank
- BRICS supported expanding the bank’s local-currency financing, resource mobilization, and development role.
- Multilateral Guarantees
- The statement welcomed progress on the BRICS Multilateral Guarantees initiative and preparatory work for its pilot phase.
- Tax cooperation
- BRICS members committed to addressing tax-related illicit financial flows and promoting fair allocation of taxing rights.
Quotes
BRICS Finance Ministers and Central Bank Governors
The joint body representing BRICS finance ministers and central bank governors.
“We acknowledge the efforts of the BRICS Payment Task Force (BPTF) towards exploring pragmatic solutions for efficient cross-border payment mechanisms, drawing on the guidance provided by our leaders in the Kazan and Rio Declarations, on the BRICS Cross-Border Payments Initiative,”
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“As it embarks on its second golden decade of high-quality development, we recognise and support the growing role of the NDB as a robust and strategic agent of development and modernisation in BRICS and the Global South”
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Sources
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