BRICS to deepen cooperation on cross-border payments, local currency

BRICS nations will deepen cooperation on cross-border payments and local-currency settlements under India’s 2026 Chairship. The goal is to build economic resilience through financial integration, with a focus on practical and efficient solutions.

BRICS countries are set to deepen cooperation on cross-border payments, local-currency settlements, development finance and financial resilience, with the grouping’s finance track under India’s 2026 Chairship laying the groundwork for more practical financial integration among member economies.

According to the BRICS Finance Ministers and Central Bank Governors’ Joint Statement, the grouping will continue work on cross-border payment interoperability and explore trade settlements and investments using local currencies, as members seek to strengthen economic resilience amid geopolitical tensions, trade fragmentation, protectionism and policy uncertainty.

The Finance Ministers and Central Bank Governors, who met in Jaipur on August 12-13 and in Mumbai on September 10, said the expanded BRICS membership had enhanced the diversity and representativeness of the grouping. They reiterated their commitment to strengthening economic and financial cooperation under the theme “Building for Resilience, Innovation, Cooperation and Sustainability”.

Focus on Payments and Local Currencies

The statement said BRICS members would continue exploring practical solutions for efficient cross-border payments, including interoperability of payment and messaging channels and trade settlements and investments using local currencies.

“We encourage the BPTF to continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among BRICS countries, which are fast, low-cost, more accessible, efficient, transparent, and safe,” the statement said.

Strengthening Development Finance

The grouping also highlighted the growing role of the New Development Bank (NDB), encouraging it to mobilise resources, expand local-currency financing, diversify funding sources and support high-impact projects contributing to inclusive and sustainable growth.

Separately, BRICS welcomed progress on the BRICS Multilateral Guarantees initiative, noting its potential to mobilise private capital, improve creditworthiness and reduce financing costs for development projects across BRICS and the Global South.

Expanding Cooperation into New Areas

India’s Chairship also advanced cooperation in customs, including the first BRICS Joint Customs Enforcement Operation and work towards a Customs Mutual Administrative Assistance Agreement. Members said stronger information sharing and cooperation could support trade facilitation and enforcement.

The statement further underlined cooperation on cybersecurity, artificial intelligence and emerging technologies in finance. BRICS members endorsed continued policy dialogue on AI while stressing regulatory oversight and ethical and responsible deployment. (ANI)

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