BRICS Pushes Deeper Banking Cooperation

BRICS countries should strengthen financial and banking cooperation to increase the use of local currencies in trade and investment, as the grouping looks to build more resilient financial links among its member economies.

Anil Talreja, Partner at Deloitte, said greater use of national currencies could support trade and cross-border investment, but would need to be accompanied by deeper financial markets, stronger banking connections and robust mechanisms to manage financial risks.

Experts also highlighted the potential of connecting national fast-payment platforms and exploring interoperability between Central Bank Digital Currencies. Such integration could make cross-border transactions faster, cheaper and more secure.

BRICS has expanded significantly in recent years and now brings together 11 major emerging economies. The grouping represents around 49.5% of the global population, approximately 40% of global GDP and about 26% of global trade.

Originally comprising Brazil, Russia, India, China and South Africa, BRICS expanded in 2024 to include Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia. Indonesia joined in 2025, while countries including Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam have become partner countries.

Talreja also called for a stronger trade architecture among BRICS economies through harmonised standards, mutual recognition of certifications, simpler customs procedures and greater regulatory transparency.

With export and technology controls increasingly affecting global trade flows, BRICS economies could also benefit from greater cooperation around critical technologies, rare-earth minerals, advanced manufacturing equipment and power-sector equipment.

Diversifying supply chains in these areas could reduce vulnerabilities while lowering compliance costs and strengthening intra-BRICS trade.

ASSOCHAM President Nirmal Kumar Minda said BRICS has emerged as an important platform for economic cooperation and argued that its next phase should focus on increasing trade and investment through greater trust, transparency and business-to-business partnerships.

Stronger engagement among member economies could help unlock investment opportunities, support economic diversification and improve resilience as global trade and financial systems face growing uncertainty.

The push towards local-currency trade, stronger banking connections and digital-payment interoperability reflects a broader effort by BRICS economies to deepen economic integration while reducing friction in transactions between participating countries.