BRICS Finance Ministers & Central Bank Governors Joint Statement 2026

· Global economic outlook: BRICS expressed concern over geopolitical tensions, trade fragmentation, protectionism, tariffs, non-tariff measures, inflation, debt and financial vulnerabilities. Members stressed the importance of an open, transparent and WTO-centred multilateral trading system.

· Reform of global financial institutions: BRICS called for greater representation of Emerging Markets and Developing Economies (EMDEs) in the IMF, World Bank and other Bretton Woods Institutions, including reforms to governance, voting shares and leadership selection.

· IMF quota reforms: Members urged implementation of the 16th General Review of Quotas without delay and meaningful quota realignment under the 17th General Review, reflecting the growing economic weight of developing countries.

· Growth & Development Task Force: India established the BRICS Task Force focusing on resilience, innovation, cooperation and sustainability, including digital public infrastructure, AI, structural reforms and development finance.

· Climate & sustainable finance: BRICS reaffirmed commitment to the Paris Agreement and UNFCCC, while promoting climate finance, sustainable finance and measures to make climate projects more bankable.

· Infrastructure & PPPs: Members welcomed work on Public-Private Partnerships, infrastructure financing and de-risking mechanisms, with emphasis on disaster-resilient infrastructure and greater private-sector participation.

· New Development Bank (NDB): BRICS supported strengthening the NDB's role in the Global South, including local-currency financing, project preparation, diversified funding and sustainable infrastructure investment.

· BRICS Multilateral Guarantees: Progress was welcomed on the BRICS Multilateral Guarantees initiative, which aims to mobilise private capital, improve project creditworthiness and reduce financing costs.

· New Investment Platform: Members agreed to continue technical discussions on a BRICS New Investment Platform, based on consensus, phased implementation, national sovereignty and diverse regulatory frameworks.

· Tax cooperation: BRICS committed to stronger cooperation against tax evasion, tax avoidance and illicit financial flows, while promoting fair allocation of taxing rights. New initiatives include working groups on international taxation & transfer pricing and revenue statistics.

Customs — particularly important for trade/import-export

· Deeper BRICS Customs cooperation: Cooperation is expanding in AEO, customs digitalisation, enforcement, intellectualisation and capacity building.

· First Joint Customs Enforcement Operation: India, during its 2026 Chairship, commenced the first BRICS Joint Customs Enforcement Operation.

· BRICS Customs Mutual Administrative Assistance Agreement: Members have achieved convergence on the agreement. Countries that are ready have given in-principle approval, subject to domestic procedures.

· Information sharing: The proposed agreement will facilitate timely exchange of information, customs cooperation and mutual administrative assistance for trade facilitation and enforcement.

· AEO cooperation: BRICS will work toward implementation of the BRICS AEO Action Plan 2026, including information exchange, capacity building, best practices and mutual recognition, subject to national frameworks.

· Annual customs enforcement operations: Members intend to conduct the BRICS Joint Customs Enforcement Operation annually, where appropriate, targeting mutually identified cross-border smuggling trends and emerging customs threats.

· Insurance cooperation: BRICS discussed building a more self-reliant insurance and reinsurance ecosystem. India proposed a BRICS Risk Lab at GIFT City IFSC, Gujarat.

· Cross-border payments: BRICS is exploring faster, cheaper and safer cross-border payment mechanisms, including settlement of trade and investment using BRICS local currencies.

· Financial technology & AI: BRICS will continue cooperation on AI, fintech, RegTech, SupTech and quantum computing, while developing appropriate regulatory and risk-management frameworks.

· Cybersecurity: Members will increase cooperation on cyber incidents and risks in the financial sector through the BRICS Rapid Information Security Channel (BRISC) and annual cyber exercises.

· Contingent Reserve Arrangement: BRICS is working to improve the Contingent Reserve Arrangement (CRA) so that it can respond more flexibly and effectively during financial crises.

Headline for trade/customs news

“BRICS Advances Customs Mutual Assistance, AEO Cooperation and Joint Enforcement Operations Under India’s 2026 Chairship”

Most relevant takeaway for Indian EXIM/customs: The statement points toward greater customs information exchange, mutual administrative assistance, AEO cooperation, joint anti-smuggling operations and deeper digital/customs enforcement cooperation among BRICS members.