Sitharaman to Chair BRICS Finance Ministers’ Meeting Ahead of September Summit in New Delhi

Union Finance Minister Nirmala Sitharaman will chair a high-level meeting of BRICS Finance Ministers and Central Bank Governors on September 1–2 at Bharat Mandapam, New Delhi. The ministerial gathering serves as a critical curtain-raiser for the 18th BRICS Summit scheduled for September 12–13.

The primary agenda will center on establishing financial settlement mechanisms, leveraging digital currencies, and promoting the use of local national currencies to reduce cross-border transaction costs across the expanding bloc.

Key Financial & Trade Objectives

• Local Currency Settlement & Digital Currency: BRICS members will explore interconnecting national payment systems and central bank digital currencies (CBDCs). Rather than establishing a single unified BRICS currency, the strategy focuses on direct bilateral settlements in member currencies to bypass foreign exchange conversion frictions.

• Reducing Transaction Frictions: The 11-member grouping is seeking mechanisms to streamline trade clearing and lower banking costs for cross-border commerce.

• Addressing Trade Imbalances: India intends to raise the issue of persistent trade deficits within the bloc, advocating for a more balanced intra-BRICS trade framework.

Geopolitical Context & Joint Declaration Expectations

The ministerial discussions come as negotiators work toward a consensus declaration for the upcoming summit. Draft negotiations are focusing on navigating sensitive regional dynamics, including the ongoing West Asia conflict:

• Navigating Regional Friction: Following earlier disagreements between member states—such as Iran and the UAE—over Middle Eastern security, negotiators are crafting text focused on diplomatic conflict resolution, protection of civilian infrastructure, and ensuring the uninterrupted flow of global maritime commerce.

• Commitment to Territorial Integrity: The anticipated summit declaration is expected to include consensus paragraphs reinforcing international law, territorial sovereignty, and value-chain security.

Expanded BRICS Footprint (2026 Snapshot)

India holds the BRICS Chairship for 2026 under the theme “Building for Resilience, Innovation, Cooperation and Sustainability”.