BRICS Finance Ministers & central bank chiefs voice concern about 'unilateral imposition' of tariffs
BRICS Finance Ministers and central bank governors have expressed concern over the unilateral imposition of trade tariffs, citing their negative impact on emerging economies. The group is exploring pragmatic solutions for cross-border payments using local currencies to reduce reliance on traditional systems.
Why it matters
This reflects a growing effort by BRICS nations to challenge the dominance of the US dollar and protect their economies from external trade pressures.
The Finance Ministers and Central Bank Governors (FMCBG) of the BRICS nations collectively voiced their concerns about the “unilateral imposition” of tariffs and non-tariff measures that distort trade, in a joint statement issued on Friday (September 11, 2026).
The FMCBG also called for “practical solutions” to enhance cross-border payments in local currencies. However, they also acknowledged the primacy of national priorities in such matters and that there can be no “one-size-fits-all approach”.
The first FMCBG meeting under India’s chairmanship of BRICS was held on August 12, 2026, in Jaipur, and the second was held on September 9-10 in Mumbai, following which the joint statement was issued.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in