BRICS warns that unilateral tariffs and trade barriers threaten global economy

At the conclusion of a two-day gathering in Mumbai, finance ministers and central bank governors of the 11-member BRICS group issued a statement condemning unilateral tariff hikes and non-tariff barriers as contrary to World Trade Organization rules and harmful to global trade. They linked these protectionist moves, largely attributed to the United States, to heightened economic headwinds for emerging markets and developing economies.

The statement reiterated BRICS' commitment to an open, transparent, inclusive and rules-based multilateral trading system anchored by the WTO, and urged the International Monetary Fund to implement quota increases that safeguard the poorest members. Discussions on expanding the use of BRICS local currencies for cross-border payments continued, though no unified agreement emerged. The bloc also called on its Payment Task Force and Fintech Working Group to advance interoperable, low-cost payment solutions and to manage the opportunities and risks of AI and quantum computing in finance. Analyst Ajay Srivastava noted that internal rivalries and currency issues may limit the impact of these initiatives.