Business

BRICS flags tariffs, trade barriers as ‘global risks’

By Sohail Khan 11 September 2026, 2:05 pm

Benchmarks
Nifty23,414.10-63.71

FEATURED FUNDS★★★★★

Motilal Oswal Midcap Fund Direct-Growth

5Y Return
21.93 %

Invest Now

Enter search text:

Business News›News›Economy›Finance›BRICS flags unilateral tariffs, trade barriers as global risks

Read Today's Paper

BRICS flags unilateral tariffs, trade barriers as global risks
Synopsis

BRICS finance ministers voiced serious concerns over unilateral trade measures. Higher tariffs and non-tariff barriers are distorting global trade and adding risks. The global economic outlook remains under pressure from geopolitical tensions. Trade fragmentation and protectionism also contribute to economic instability. Policy uncertainty and financial vulnerabilities add to the global economic challenges.

Listen to this article in summarized format

Loading…
×
×

Unlock AI Briefing and Premium Content

New Year Offer 24 Hours Left
Already a member? Sign In

What's Included

Exclusive Stories
Daily ePaper Access
Smart Market Tools
Curated Investment Ideas
Ad-lite Experience
Subscription

BRICS member countries flags unilateral tariffs, trade barriers as global risks — A Delhi Police officer stands guard outside Bharat Mandapam, the venue of the upcoming 18th BRICS Summit in New Delhi

BRICS backs open, rules-based trade

Against the backdrop of rising protectionism, the grouping reiterated its support for an open, transparent, inclusive and non-discriminatory multilateral trading system, with the WTO at its core.

BRICS member countries said strengthening global economic resilience would require greater mobilisation of development finance, stronger international financial cooperation, investment in infrastructure and productive capacity, and the use of trade, innovation and technology to support growth.

These efforts should give particular attention to the needs of emerging markets and developing economies, it added.

Track latest updates of BRICS Summit 2026

Push for bigger say at IMF and World Bank

The statement also renewed BRICS' long-standing demand for reform of global economic governance, arguing that international financial institutions must better reflect the transformation of the global economy and the growing weight of emerging and developing economies.

BRICS reiterated the need to reform the Bretton Woods Institutions to make the Global South more representative, inclusive and accountable. It said the voice and representation of emerging markets and developing economies should reflect their relative position in the global economy.

The grouping also called for improvements in the selection processes for the leadership of the IMF and World Bank, including merit-based and transparent procedures that increase regional diversity and representation of emerging economies.

BRICS called for the implementation of quota increases agreed under the IMF's 16th General Review of Quotas without further delay and pushed for meaningful quota realignment under the 17th review.

The grouping said quota reforms should increase the quota and voting shares of emerging markets and developing economies without coming at the expense of developing countries, while protecting the interests of the poorest members.

It also said voluntary financial contributions should not influence quota allocation, governance representation or voting power.

Also read: Modi-Xi Jinping meeting: Border ties, trade on the agenda as Chinese President gears up for India visit

India proposes BRICS Risk Lab at GIFT City

The statement also recorded progress in discussions on building a more self-reliant BRICS insurance ecosystem to support trade among member countries.

Members expressed interest in taking forward discussions on India's proposal to host a BRICS Risk Lab at the GIFT City International Financial Services Centre in Gujarat.

The proposed platform would be open to interested members, while BRICS also continued discussions on the possible creation of a BRICS Insurance Resilience Centre as a voluntary platform for developing common risk models, exchanging best practices and building specialist capabilities.

Also read: India's BRICS play may have a payment plan with no hard cash

From tariffs to payments: BRICS widens its economic agenda

The statement issued on Friday underlines how BRICS' economic agenda is increasingly extending beyond its traditional calls for reform of global financial institutions.

The grouping is now simultaneously pushing back against protectionism, seeking greater representation for emerging economies at the IMF and World Bank, exploring more efficient cross-border payment systems and local-currency settlements, and expanding cooperation in areas ranging from insurance and infrastructure to artificial intelligence and cybersecurity.

For emerging economies facing an increasingly fragmented global trading and financial system, the BRICS grouping wants a larger role in shaping the rules governing both global trade and finance.

Add as a Reliable and Trusted News Source
Add Now!

(You can now subscribe to our WhatsApp channel)

(You can now subscribe to our WhatsApp channel)

Read More News on
BRICS summitBRICS liveBRICS summit 2026BRICS member countriesUS tariffsIndia China

Enter search text:

Continue reading with one of these options:
Limited Access
Free
Login to get access to some exclusive stories

& personalised newsletters
Login Now

Unlimited Access
Starting @ Rs120/month
Get access to exclusive stories, expert opinions &

in-depth stock reports
Subscribe Now

Unlock Access to All Exclusives with ETPrime FREE TRIAL

15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers

Trial offer expiring in00 : 05 : 00

I'd rather pay ₹2599 now

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

Prime Account Detected!

It seems like you're already an ETPrime member with

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

Unlock ETPrime's Exclusive Stories Today!

Subscribe to gain powerful insights on business, stock market and industry trends.

Big Price Drop! Flat 40% Off

Student Only Offer

Already a Member? Sign In now

Already a Member? Sign In now
Already a Member? Sign In now

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Special Offer

Get flat 40% off on ETPrime

Avail Offer
Avail Offer

Claim NowAlready a Member? Sign In now

Need Assistance?

Connect with an ETPrime expert for personalized support and guidance

+91 9484700004

' + h3 + '

' + h4 + '

' + listing + '

What’s Included with

ETPrime Membership

1Exclusive Insights That Matter

Uncover the truth with our investigative stories

Make strategic moves using the real-world case studies

Read industry-specific stories to identify emerging trends

Spot opportunities with in-depth insights that matter

Trump temper on H-1B visas is forcing Indians to do these things to stay put in US

What Adani’s US indictment means for India Inc’s overseas fundraising
Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.

Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?
Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?

The problem with lab grown diamonds
Why a falling rupee is a better option for the economy

A list of top 20 momentum stocks that have delivered massive returns in one year