BRICS finance ministers and central bank governors have raised strong objections to unilateral tariffs and other trade restrictions, warning that such measures distort global commerce and violate World Trade Organisation (WTO) principles.
In a joint statement issued on Friday after their September 10 meeting in Mumbai, the officials said the global economy was facing growing pressure from geopolitical tensions, trade fragmentation, persistent inflation and financial vulnerabilities.
“We continue to have serious concerns about the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures, which distort trade and are inconsistent with World Trade Organisation (WTO) rules,” the statement said.
Tariff concerns amid US trade measures
The statement did not name any country, but the comments come amid continuing uncertainty over US trade policy under President Donald Trump.
Trump’s reciprocal tariff announcement in April 2025 triggered a major disruption in global trade. Although US courts have since struck down the duties, Washington has continued to consider alternative measures and has indicated plans to replace tariffs affecting several BRICS members.
BRICS officials said such pressures were particularly damaging for emerging markets and developing economies.
Despite the challenging environment, the group said BRICS economies had demonstrated resilience. Members pledged to step up cooperation to support investment and growth while protecting an open and inclusive global economic system.
The bloc also reiterated its support for an “open, transparent, inclusive, non-discriminatory, and rules-based” multilateral trading system, with the WTO remaining at its core.
The statement came under India’s BRICS chairship after two rounds of finance meetings. The first was held in Jaipur on August 12-13, followed by the final meeting in Mumbai on September 10.
Push for BRICS cross-border payments
Improving cross-border payments was another key focus of the meeting, with BRICS members continuing efforts to make transactions between member economies more efficient. The ministers recognised the work of the BRICS Payment Task Force in exploring practical solutions for cross-border payment mechanisms, building on commitments made in the Kazan and Rio Declarations.
The group also discussed improving interoperability between payment and messaging systems and encouraging trade settlements and investments in BRICS local currencies. At the same time, the statement acknowledged that national priorities differ among members and that there can be no single approach applicable to all countries.
The ministers also praised the growing role of the New Development Bank, calling it a strategic institution supporting development and modernisation across BRICS and the wider Global South.
India will pass the BRICS chairship to China in 2027.
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