Finance ministers and central bank governors from BRICS intensified their demands for greater representation of emerging economies in global financial institutions, as the enlarged bloc aims to strengthen economic resilience in the face of trade fragmentation and geopolitical tensions.
In a joint statement released following their August meetings in Jaipur and the September 10 session in Mumbai, the ministers and central bank governors stated that the enlarged BRICS membership has enhanced the bloc’s diversity and representativeness, and they reiterated their commitment to deepening economic and financial cooperation.
The remark comes as BRICS, under India’s leadership in 2026, aims to convert its expanding economic influence into more concrete collaboration in areas such as payments, development finance, infrastructure, taxation, customs, and financial stability.
The bloc now comprises 11 countries—Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, Indonesia and Saudi Arabia—collectively accounting for roughly 49.5 per cent of the global population, 40 per cent of worldwide GDP and 26 per cent of international trade, according to official figures.
Finance leaders cautioned that the world economy is confronting heightened risks stemming from geopolitical tensions, trade fragmentation, protectionist measures, policy uncertainty, fiscal and inflationary strains, mounting debt and growing financial vulnerabilities.
They expressed "serious concerns" over unilateral tariffs and non-tariff measures, saying such actions distort trade and are inconsistent with World Trade Organization rules.
A central theme of the statement was the longstanding BRICS demand for a restructuring of global economic governance to better reflect the weight of emerging markets and developing economies.
The group called for reforms to the Bretton Woods institutions - principally the International Monetary Fund and World Bank - to make them more representative, transparent, accountable and effective.
"We reiterate the urgent need to reform the Bretton Woods Institutions (BWI) to make them more agile, effective, credible, inclusive, fit for purpose, unbiased, accountable, and representative, to enhance their legitimacy"Joint Statement
"BWI governance structure should be reformed to reflect the transformation of the global economy since their establishment."
"We also reiterate our call for improved management procedures, including through a merit-based, inclusive and transparent selection process that would increase regional diversity and representation of EMDEs in the leadership of the IMF and the World Bank."
Regarding the IMF, BRICS supported carrying out the quota increases approved under the 16th General Review of Quotas and urged substantial quota realignment in the 17th review. It stated that these changes should boost the quota and voting shares of emerging and developing economies, while safeguarding the interests of the poorest countries.
The group also characterized the 2025 World Bank Shareholding Review as a key chance to strengthen the voice and representation of developing nations and to address what it described as their longstanding underrepresentation.
This initiative underscores a central economic goal of BRICS: leveraging the combined influence of emerging economies to advocate for reforms in institutions established after World War II, instead of building an alternative system to supplant them.
Central banks also made progress on the BRICS Contingent Reserve Arrangement, a financial safeguard mechanism intended to supply liquidity assistance to members experiencing balance-of-payments stress.
The statement noted that revising the CRA treaty would increase the arrangement’s flexibility and responsiveness in times of crisis, while members would keep working on a new trial run and explore the possibility of admitting additional participants.
Participants examined ways to build a more self-sufficient BRICS insurance framework and considered India’s proposal for a voluntary BRICS Risk Lab at Gujarat International Finance Tec-City (GIFT City), aimed at creating shared risk models and enhancing reinsurance capacity.