BRICS Finance Ministers Reject ‘Unilateral Tariff’ Measures at India Meet

BRICS finance ministers and central bank governors have voiced “serious” concern over.

The unilateral imposition of tariffs and non-tariff measures, saying such actions distort global trade and are inconsistent with World Trade Organisation rules.

In a joint statement issued on Friday following their September 10 meeting in Mumbai, the group warned that geopolitical tensions, trade fragmentation, inflationary pressures and financial vulnerabilities were creating significant headwinds for the global economy.

“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 ministers said.

BRICS Criticises Tariff Measures

Although the statement did not identify any country, its remarks come amid major disruption in global trade following US President Donald Trump’s tariff policies.

Trump announced a series of reciprocal tariffs in April 2025, triggering widespread uncertainty across international markets. While US courts have since struck down the duties, Washington has continued to explore alternative trade measures and has discussed replacing tariffs affecting several BRICS economies.

The ministers said the resulting pressures were being felt most acutely by emerging markets and developing economies.

Despite the challenges, BRICS members said their economies had shown resilience and pledged to strengthen cooperation to support investment, economic growth and an open global trading environment.

The bloc also reaffirmed its backing for a “open, transparent, inclusive, non-discriminatory, and rules-based” multilateral trading system, with the WTO at its centre.

The statement was issued under India’s BRICS chairship following two rounds of meetings. The first was held in Jaipur on August 12-13, while the final meeting took place in Mumbai on September 10.

BRICS Pushes Cross-Border Payment Mechanism

The meeting also focused on efforts to improve cross-border payments among BRICS members.

The ministers acknowledged the work of the BRICS Payment Task Force (BPTF), which has been examining practical solutions for improving payment connectivity across member economies. The initiative builds on the Kazan and Rio Declarations on the BRICS Cross-Border Payments Initiative.

Members also discussed the interoperability of payment and messaging systems and ways to facilitate trade settlements and investment using local currencies.

However, the statement stressed that national priorities must be respected and acknowledged that there could be no “one-size-fits-all” approach to developing the system.

The ministers also highlighted the expanding role of the New Development Bank (NDB), describing it as a strategic institution supporting development and modernisation across BRICS and the wider Global South.

India is scheduled to hand over the BRICS chairship to China in 2027.