BRICS Finance Ministers Discuss Cross-Border Payments

The finance ministers and central bank governors of BRICS countries met to discuss the development of efficient cross-border payment mechanisms.

In a joint statement, the BRICS Finance Ministers and Central Bank Governors (FMCBG) acknowledged the efforts of the BRICS Payment Task Force (BPTF) towards exploring solutions for efficient cross-border payment mechanisms.

The BPTF has been studying cross-border interoperability of payment and messaging channels and promoting trade settlements and investments using local currencies of BRICS countries.

The task force has been asked to respect national priorities and recognize that there is no one-size-fits-all approach.

The FMCBG encouraged the BPTF to continue discussions to facilitate practical solutions for cross-border payments among BRICS countries.

The BRICS countries are also focusing on global financial reforms, with emerging markets and developing economies accounting for a growing share of global output and growth.

The finance ministers and central bank governors reiterated the need for reforms in the Bretton Woods Institutions (BWI) to make them more agile, effective, credible, inclusive, unbiased, and representative.

They also called for greater representation of emerging markets and developing economies in the BWI and improved management procedures.

The FMCBG reaffirmed the BRICS Rio de Janeiro Vision for IMF Quota and Governance Reform and stressed the need for a strong, quota-based, and adequately resourced IMF.

The New Development Bank (NDB) was also discussed, with the joint statement recognizing and supporting its growing role in development and financing.

The BRICS Summit is being held in Delhi, where the finance ministers and central bank governors will continue to discuss these issues.

The discussions on cross-border payment mechanisms and global financial reforms are significant for the BRICS countries, as they aim to strengthen their economic cooperation and promote development.

The outcome of these discussions will be closely watched, as they have the potential to shape the future of global economic governance and promote more inclusive and representative international financial institutions.