The Finance Ministers and Central Bank Governors (FMCBG) of the BRICS countries—Brazil, Russia, India, China, and South Africa, along with new members—have expressed serious concerns regarding the imposition of tariffs and non-tariff measures, which they believe violate World Trade Organisation (WTO) rules. In a joint statement issued after their initial meeting under Brazil’s chairmanship, the group emphasized the need for a non-discriminatory, open, fair, inclusive, equitable, and rules-based multilateral trading system. They highlighted the resilience of the BRICS nations in the face of global economic uncertainty and volatility. The statement addressed the need to de-escalate trade tensions and promote balanced global growth. The ministers reaffirmed their dedication to central banks’ price stability mandates and committed to enhancing coordination between debtors and creditors to address debt issues in Emerging Markets and Developing Economies (EMDEs). Prime Minister Narendra Modi is currently in Brazil for the 17th BRICS Summit, where key global issues will be discussed.
