Meeting of BRICS Finance Ministers and Central Bank Governors Wraps Up in Moscow

The final meeting of BRICS finance ministers and central bank governors with the participation of new members of the group took place on 11 October 2024 in Moscow as part of Russia’s BRICS chairship.

Minister of Finance of the Russian Federation Anton Siluanov and Governor of the Central Bank of Russia Elvira Nabiullina summed up the results of Russia’s chairship on BRICS financial track.

An important result was the preparation of a Report on the Improvement of the International Monetary and Financial System which contains practical solutions, including a Cross-Border BRICS Payment Initiative, a BRICS Inter-Depository System, and the establishment of a BRICS Reinsurance Company.

“The experience of this and previous years shows a great deal of potential for building of financial cooperation within BRICS. We are setting ourselves ambitious new tasks. We are laying the foundation today for an international monetary and financial system that will be secure, independent, accessible, and sustainable. This is creating the necessary preconditions for the international monetary and financial system to evolve,” Minister of Finance of the Russian Federation Anton Siluanov said.

Finance ministers and central bank governors, meeting participants discussed:

• the outlook for global economic development and the state of the BRICS economies;
• customs and tax cooperation;
• mechanisms for mixed financing for infrastructure projects;
• the development of instruments for payment and settlement;
• expanding cooperation in insurance and reinsurance and strengthening cooperation between BRICS stock exchanges.

Head of the Federal Customs Service of Russia Valery Pikalyov presented the results of cooperation between customs agencies in BRICS and noted the customs administrations involved were united by a common goal to strengthen security, facilitate trade, and combat new challenges and threats.

While discussing the work of BRICS tax administrations, Head of the Federal Tax Service of Russia Daniil Egorov reported on the signing of a Framework Agreement to establish a BRICS Heads of Tax Services Forum to mark a new stage in the development of tax cooperation.

The BRICS Finance Research Network was launched, and a Memorandum of Understanding was signed between BRICS research institutes.

The meeting ended with:

• the adoption of a Joint Statement of BRICS Finance Ministers and Central Bank Governors;
• the approval of a Report to BRICS Leaders on fulfilment of the instructions of the 2023 Johannesburg BRICS Summit;
• the approval of a Report of Russia’s BRICS Chairship on the Improvement of the International Monetary and Financial System;
• the formation of practical initiatives and opportunities to create financial mechanisms for mutual settlements resistant to external risk and to increase the use of national currencies in trade and investment.

As part of the session for central banks, the Bank of Russia summed up the following areas of cooperation:

• improving the BRICS Contingent Reserve Arrangement mechanism and issuing the next Economic Bulletin on the ‘State of the BRICS Economies in the Context of Higher Interest Rates’;
• interaction on payments;
• information security in the financial sector;
• the application of financial technologies;
• transitional financing and sustainable development;
• training events and seminars with BRICS central banks.

The work of the finance ministries and central banks will be presented to BRICS leaders at the summit in Kazan on 22–24 October 2024.

The Roscongress Foundation manages the events of Russia’s BRICS chairship.