WITH THE 18TH BRICS SUMMIT set to begin today, on September 12, its member countries are pushing for policies and strategies to promote trade settlements and investments in local currencies. The Finance Ministers and Central Bank governors of the member countries have called for practical solutions to facilitate cross-border payments, without harming each other's national interests. As per the latest update, the BRICS Payment Task Force—a platform for dialogue, and exchange of experiences and knowledge among central bank experts—was also studying the possibility of such cross-border transactions that would promote trade and investments in the BRICS local currencies. 

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As a multilateral power block, BRICS have always held financial and currency independence from the West as a key goal to foster the interests of the people of the global majority. Since its inception, BRICS actively sought to reduce the overarching hegemony and dependence on the US Dollar—a goal commonly known as ‘de-dollarization.’ However, the developments with regards to this goal of ‘de-dollarization’ has not been fruitful.

Discussions and Agenda of BRICS Finance Ministers 

The attempts to garner an alternative economic, financial and trade-related architecture, counter to the Western-dominated World Bank or International Monetary Fund (IMF) have been a key goal of the BRICS since its inception. Without any direct indications, the establishment of the New Development Bank (NDB), or the creation of a Contingent Reserve Arrangement (CRA) were attempts to ensure an alternative in the face of the unilateral hegemony of the West and the American dollar. However, the NDB exists on the collaboration of both BRICS as well as other Western actors, making the goal of an alternate economic order hard to materialize. 

Ahead of the 18th BRICS Summit, the BRICS Finance Ministers and Central Bank Governors stated in an official statement on Thursday, September 10, 2026 that there is an ongoing study by the BRICS Payment Task Force. This study revolves around the possibility of efficient cross-border payment mechanisms, messaging channels and ways to promote trade settlements and investments using the local BRICS currencies. While they called for fostering an efficient payment mechanism, there was no hint towards proposing a ‘common BRICS currency.’ In spite of that, the agenda on finances, economy and trade has sought to occupy the 18th BRICS Summit quite firmly. The member states and their economic heads are pushing for local-currency settlements in order to strengthen financial cooperation, as trade fragmentation, protectionism, vulnerable tariff measures, and policy uncertainty have become commonplace in today’s world.

The Statement by the finance ministers and governors further highlighted progress in customs cooperation, which include converging on a BRICS Customs Mutual Administrative Assistance Agreement. The members have also provided their approval in-principle, and showcased their willingness to sign the agreement, once the domestic approval process is complete.

What is the BRICS Pay Project

The Cross-Border Payment system—BRICS Pay—has been in discussion among the BRICS leaders for quite some time now. The finance ministers and Central bank officials of the member states met in Jaipur, India, in the month of August. The core idea of this initiative is to reduce the reliance on the US Dollar and the western-dominated financial architecture.

At present, if someone makes a global, cross-border payment, the payment information passes through a Belgium-based organization known as SWIFT—which stands for the Society for Worldwide Interbank Financial Telecommunication. It is a network that banks, financial institutions and large corporate organizations use to communicate securely about cross-border financial transactions. It is a co-operative, owned and run by its shareholders, and has helped organize financial transactions across the globe. 

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However, geopolitical experts have pointed towards the potential drawbacks associated with the SWIFT. A network like SWIFT could be used as a tool of geopolitical pressure by the countries or members having larger shares or stakes in the organization. In this situation, BRICS Pay would help the BRICS nations to engage in trade, and financial exchanges without the US Dollar acting as the intermediary. 

Various suggestions to link the central bank digital currencies (CBDC) across the countries include India’s own Unified Payment Interface (UPI), and Brazil’s Pix, both of which are government backed systems that transfer money without relying on debit or credit cards.

As of now, the Russian representative, Kirill Dmitriev has informed the press that a decision on the BRICS Pay as a banking agreement will be announced today. “We are focusing specifically on the financial track. Today we will announce a banking agreement on BRICS Pay, effectively a payment system for the BRICS countries,” Kirill Dmitriev said. 

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