BRICS members have raised serious concerns over unilateral imposition of trade and finance-related measures, including higher tariffs and non-tariff barriers, stating they distort trade and are inconsistent with World Trade Organization (WTO) rules. According to Business Standard, the 11-member grouping -- including Brazil, Russia, India, China and South Africa -- made these statements after a two-day meeting ended Thursday in Mumbai, ahead of the leaders' summit starting Saturday. The reference to unilateral trade and finance-related actions is significant as the US has pursued sweeping tariff measures against trading partners and threatened additional tariffs against countries over their engagement with the Brics bloc and its efforts to promote greater use of local currencies. The grouping said these pressures were weighing most heavily on emerging markets and developing economies (EMDEs), while asserting that Brics economies had demonstrated resilience and continued to make a significant contribution to global growth.
India's engineering exporters have called for removing non-tariff barriers and creating smoother payment mechanisms in local currencies among BRICS nations to unlock greater trade within the bloc. According to EEPC India, Pankaj Chadha, chairperson of the Engineering Export Promotion Council of India, said around 75% of the problems faced by exporters could be addressed through simpler trade regulations and efficient payment systems. Chadha urged BRICS countries to move beyond discussions and establish a common framework for non-tariff barriers, proposing that member nations agree on a common set of standards to make cross-border trade easier. As per EEPC India, non-tariff measures, including regulatory requirements and product standards, often increase the cost and complexity of exporting, and addressing these hurdles could have a significant impact on trade among BRICS economies. The bloc currently accounts for nearly one-fourth of global trade, and removing regulatory barriers could help increase its share of global cross-border commerce.
External Affairs Minister S Jaishankar has emphasized the need for BRICS economies to build greater self-reliance while remaining integrated with global markets, stating that 'stronger economic activity and security would be key to achieving that balance'. Addressing the BRICS Business Forum in New Delhi, Jaishankar described India's chairship as focused on strengthening innovation and the entrepreneurial ecosystem, while describing BRICS completing 20 years as a 'milestone'. The minister highlighted that 'the common thread is how to make it easier for businesses in our countries to find more partners, access more markets, connect supply networks and convert complementarities into viable commercial partnerships'. According to Business Standard, Jaishankar stressed that 'for BRICS particularly, higher economic activity and higher economic security mean greater self-reliance', with the objective to strengthen our ability to absorb shocks while remaining connected and competitive. Jaishankar called for transparent trade and investment, dependable logistics and resilient supply chains to address economic challenges, emphasizing the need for genuine market practices, predictable business environment, diversified commercial relationships, and transparent trade and investment.
As the 18th BRICS Summit approaches in New Delhi on September 12-13, businesses and economists are looking to the expanded grouping to deliver tangible gains beyond strategic dialogue. According to Business Standard, Indian businesses seek easier market access and lower regulatory barriers, while economists expect greater use of local currencies, stronger payment linkages, investment cooperation and energy security to emerge as key themes. Federation of Indian Export Organisations (FIEO) President S C Ralhan emphasized that "the real value will lie in easier market access, stronger supply-chain partnerships, investment flows, technology collaboration and efficient payment mechanisms." The 11-member BRICS grouping accounts for around 26% of global trade, but India's trade with several members remains heavily skewed towards imports, with China, UAE and Russia among India's top three import sources. Engineering products account for nearly 27% of India's total merchandise exports, making the sector particularly vulnerable to trade facilitation challenges.
India's year-long chairmanship has delivered extensive outcomes across trade, technology, energy, agriculture, health, climate, transport, industry and other areas ahead of the 18th Brics Summit. As per Business Standard, the intergovernmental organisation listed the outcomes of ministerial and heads of agencies meetings held under India's chairship, covering new frameworks, networks, action plans, working groups and knowledge-sharing platforms. The summit will bring together these comprehensive deliverables to showcase the group's collective achievements during India's tenure, with over 50 development-oriented outcomes achieved in Brics-related meetings held this year. The trade track adopted a '2026–2030 Global Value Chains Action Plan' covering Technical Council, Brics Connect and joint studies on market opening and economic diversification, while the Engineering Export Promotion Council of India has called for simplified trade regulations and local currency payments to ease export challenges.
Recognising the transformative potential of artificial intelligence (AI) and emerging technologies such as quantum computing for the financial sector, member countries adopted an EMDE-centric approach to assess the opportunities and risks posed by these technologies. According to Business Standard, the grouping encouraged the Brics Fintech Working Group to continue policy dialogue and knowledge sharing for harnessing the innovative potential of emerging technologies, while enhancing their regulatory oversight and ensuring their ethical and responsible deployment. While India has been pushing for an agreement on local-currency trading and an efficient cross-border payment mechanism, the language in the joint statement shows member countries fell short of a consensus on the matter. The statement acknowledged work on cross-border interoperability of payment and messaging channels, and discussions on promoting trade settlements and investments using BRICS local currencies, while encouraging the BPTF (Brics Payment Task Force) to continue discussions building on ongoing work. A more efficient payment system using individual national currencies could further reduce friction for exporters by making cross-border settlements faster and more predictable.
