BRICS Finance Ministers & central bank chiefs voice concern about 'unilateral imposition' of tariffs

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The BRICS Finance Ministers and central bank governors reiterated their support for an “open, transparent, inclusive, non-discriminatory, and rules-based” multilateral trading system with the WTO at its core. File | Photo Credit: ANI

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.

“We continue to have serious concerns with 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 joint statement said.