BRICS fin mins, central bank chiefs raise concerns on unilateral trade and finance-related measures
BRICS finance ministers and central bank governors voiced concerns over unilateral trade measures. They backed efforts for cross-border payment interoperability and local-currency settlements. The group also called for reforms of international financial institutions for greater representation. Development finance and customs cooperation initiatives were also discussed by the members.
Finance ministers and central bank governors from BRICS nations discussed concerns over unilateral trade and finance measures, such as higher tariffs and non-tariff barriers, while supporting work on cross-border payment interoperability and local-currency settlements. The group also advocated for reforms to the Bretton Woods institutions, aiming to give emerging markets and developing economies a greater voice and representation.
They urged meaningful quota realignment under the IMF's 17th General Review of Quotas, ensuring that reforms do not disadvantage developing countries. The leaders emphasized the importance of maintaining multilateralism and strengthening international financial cooperation amid economic challenges, including geopolitical tensions, trade fragmentation, and policy uncertainty.
They also highlighted progress on the Customs Mutual Administrative Assistance Agreement and the establishment of the BRICS Tax Support Network.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
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- BRICS finance ministers, central bank chiefs flag concerns on unilateral tariffs indianexpress.com
