BRICS Payment Task Force will continue discussions on cross-border settlement issues

NEW DELHI. Sept 14 (Interfax) - The BRICS countries have not achieved significant progress on cross-border settlement issues, which was one of the priorities of the Russian chairmanship in 2024, according to the text of the declaration issued following the summit in India.

"We acknowledge the efforts of the BRICS Payment Task Force (BPTF) towards exploring pragmatic solutions for efficient cross-border payment mechanisms, drawing on the guidance, provided by us in the [2024] Kazan and [2025] Rio Declarations, on the BRICS Cross-Border Payments Initiative. In this regard, we acknowledge the work done to study the cross-border interoperability of payment and messaging channels, and the discussions on promoting trade settlements and investments using BRICS local currencies, while respecting national priorities and acknowledging that there is no one-size-fits-all approach," the BRICS countries said in their New Delhi declaration.

The heads of state "encourage the BPTF to continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among BRICS countries, which are fast, low-cost, more accessible, efficient, transparent, and safe," the declaration says.

The declaration also notes "the need for harnessing the collective potential of BRICS to build a more self-reliant BRICS insurance ecosystem to support trade among members, and further discussion on enhancing reinsurance capacities," it says.

"Building on the work of previous Chairships, we welcome continued discussions among interested members on exploring the concept of a BRICS Insurance Resilience Centre (BIRC) for developing common risk models, exchanging best practices and building specialist capabilities," the document says.