BRICS countries are pushing for greater use of national currencies in trade and investment and interoperability of cross-border payment systems to cut transaction costs, even as the grouping stepped up criticism of unilateral tariffs and protectionist measures. “There is no proposal in the BRICS for a BRICS currency. The focus is how we can do more intra-BRICS trade and how we can engage with the global business community more actively and reduce transaction costs through trade in national currencies,” Secretary (Economic Relations) and India’s BRICS Sherpa Sudhakar Delela said.
The New Delhi Declaration adopted at the 18th BRICS Summit said members were working towards interoperability of payment and messaging channels and exploring practical mechanisms for cross-border payments. It also backed discussions on trade settlements and investments using BRICS local currencies, while stressing there would be no “one-size-fits-all” approach.
The push comes amid growing fragmentation in global trade and rising tariff barriers. The declaration expressed “serious concerns” over unilateral tariff and non-tariff measures that distort trade and are inconsistent with World Trade Organization (WTO) rules. It warned that rising tariffs, non-tariff barriers and protectionism in the guise of environmental objectives could reduce global trade, disrupt supply chains and increase uncertainty in international economic activity. BRICS opposed unilateral, punitive and discriminatory measures imposed in the name of climate policy, including CBAM, saying such measures could place additional burdens on developing countries. The group has reaffirmed support for a non-discriminatory, open, equitable, transparent and rules-based multilateral trading system with the WTO at its core.
The declaration said the multilateral trading system had “long been at a crossroads” and called for the WTO to become more responsive to trade disruptions and the needs of emerging markets and developing economies.
A key demand is the immediate restoration of a fully functioning, two-tier, binding WTO dispute settlement mechanism and the appointment of new Appellate Body members. The dispute settlement system has remained effectively paralysed since December 2019 after the US blocked appointments to the Appellate Body.
BRICS also reiterated support for the WTO’s foundational principles, including most-favoured-nation treatment and special and differential treatment for developing countries, particularly least developed countries.
The grouping endorsed further work on the Global Value Chains Action Plan 2026-2030, with a focus on helping emerging and developing economies move up the value chain. It also called for greater trade facilitation, connectivity, critical infrastructure, technology access and digitisation of global value chains.
The declaration also sought to ease financing constraints faced by export-oriented micro, small and medium enterprises. It backed digital and platform-based trade-finance mechanisms and the study of an invoice-discounting mechanism under the Jaipur Consensus to help MSMEs unlock working capital.
Special Economic Zones (SEZs) are also being positioned as hubs for trade, investment, industrial cooperation and integration into resilient global value chains, while BRICS members plan greater cooperation on digitising trade documentation.
At the broader level, leaders endorsed continued progress on the Strategy for BRICS Economic Partnership 2030 as the overarching framework for closer economic cooperation and commended India for steering its development during its 2026 chairship.