New Delhi: BRICS leaders Saturday called for practical measures to make cross-border payments among member countries faster, cheaper, more transparent and secure, as the grouping seeks to deepen financial cooperation.
In the New Delhi Declaration, the grouping recognised the need for harnessing the collective potential of BRICS to build a more self-reliant BRICS insurance ecosystem to support trade among members, and further discussion on enhancing reinsurance capacities.
In this regard, the Declaration said members expressed interest in taking forward the discussions on India’s proposal to host a BRICS Risk Lab, open to participation by interested members, at the GIFT City International Financial Services Centre (IFSC) in Gujarat.
“We look forward to further discussions regarding enhancing BRICS members’ (re)insurance capacity, with the voluntary participation of relevant stakeholders, comprising regulators and reinsurance companies from BRICS countries,” it said.
The Leaders acknowledged the efforts of the BRICS Payment Task Force (BPTF) towards exploring pragmatic solutions for efficient cross-border payment mechanisms, drawing on the guidance provided by us in the Kazan and Rio Declarations, on the BRICS Cross-Border Payments Initiative.
“In this regard, we acknowledge the work done to study the cross-border interoperability of payment and messaging channels, and the discussions on promoting trade settlements and investments using BRICS local currencies, while respecting national priorities and acknowledging that there is no one-size-fits-all approach,” it said.
Leaders agreed that the BPTF will continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among BRICS countries that are fast, low-cost, more accessible, efficient, transparent, and safe.
They also welcomed the BRICS Central Bank Hub for Capacity Building aimed at building expertise in emerging areas of central banking.
Recognise the disproportionate burden imposed by climate change across countries, the Declaration said, Emerging Markets and Developing Countries (EMDCs) are facing challenges in addressing climate-related risks and vulnerabilities, as well as the substantial gaps in funding needs, particularly for adaptation measures.
In this context, it said, “we welcome the report on the ‘Role of Central Banks towards optimising Sustainable and Green Finance, including Adaptation’, which examines central bank measures and sustainable finance trends, including efforts to explore the possibility of making climate finance projects more bankable, globally as well as within BRICS countries..
It reaffirmed commitment to deepening pragmatic economic cooperation and advancing a closer economic partnership among BRICS members.
It recognised that the Strategy for BRICS Economic Partnership continues to serve as the overarching framework guiding our cooperation, providing the basis for the further development of sectoral strategies, programmes and roadmaps under the ownership of member countries.
Recognising the progress made towards the conclusion of the Strategy for BRICS Economic Partnership during Brazil’s Chairship in 2025, it commended India for its leadership in 2026 in fulfilling the mandate given by Leaders in 2025, by successfully steering the progress of the Strategy for BRICS Economic Partnership 2030.
