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India Backs Speedy Operationalisation of BRICS Cross-Border Payments Initiative
India Backs Speedy Operationalisation of BRICS Cross-Border Payments Initiative
Sputnik India
India has expressed confidence that discussions among the 11 BRICS nations on implementing the Cross-Border Payments Initiative will gain “traction” in coming days.
2025-07-07T11:29+0530
2025-07-07T11:29+0530
2025-07-07T11:33+0530
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India has expressed confidence that discussions among the 11 BRICS nations on implementing the Cross-Border Payments Initiative will gain “traction” in coming days. Ravi noted that there were already ongoing discussions on the topic at one of the BRICS' tracks. "We are hopeful that in the days to come, there will be traction. And countries will accept it, as it is beneficial for most of them,” the senior Indian diplomat said.The 126 paragraph-long 'Rio Di Janeiro Declaration' released on Sunday evening (Indian Standard Time) notes that further discussions on the BRICS Cross-Border Payments Initiative would take place towards "greater interoperability" of BRICS payment systems. "In this regard, we welcome the “Technical Report: BRICS Cross-border Payments System”, which reflects members’ revealed preferences, and should play a pivotal role in our efforts to facilitate fast, low-cost, more accessible, efficient, transparent, and safe cross-border payments among BRICS countries and other nations and which can support greater trade and investment flows," the joint statement said.
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India Backs Speedy Operationalisation of BRICS Cross-Border Payments Initiative
11:29 07.07.2025 (Updated: 11:33 07.07.2025) PM Modi addressed two sessions on the opening day of the BRICS Summit - "Reform of Global Governance and Peace and Security” and the second one on "Strengthening Multilateral, Economic-Financial Affairs and Artificial Intelligence".
India has expressed confidence that discussions among the 11 BRICS nations on implementing the Cross-Border Payments Initiative will gain “traction” in coming days.
“Countries are looking for alternatives. Interoperability in payments is a faster mechanism in terms of being able to do cross-border trading. This is a low-cost solution. India has been
successfully implementing it (through United Payments Interface) and we are also entering into bilateral arrangements with many countries,” Ministry of External Affairs (MEA) Secretary Dammu Ravi told a press conference in Rio Di Janeiro after the first day of engagements at the 17th BRICS Summit.
Ravi noted that there were already ongoing discussions on the topic at one of the BRICS' tracks.
"We are hopeful that in the days to come, there will be traction. And countries will accept it, as it is beneficial for most of them,” the senior Indian diplomat said.
The Indian delegation said Global South nations have become "economically weak" in the wake of the Covid pandemic. "And that is truly a
concern of BRICS countries as BRICS in some sense represents Global South countries, a multipolarity in its strongest terms," Ravi said.
The 126 paragraph-long 'Rio Di Janeiro Declaration' released on Sunday evening (Indian Standard Time) notes that further discussions on the BRICS Cross-Border Payments Initiative would take place towards "greater interoperability" of BRICS payment systems. "In this regard, we welcome the “Technical Report: BRICS Cross-border Payments System”, which reflects members’ revealed preferences, and should play a pivotal role in our efforts to facilitate fast, low-cost, more accessible, efficient, transparent, and safe cross-border payments among BRICS countries and other nations and which can support greater trade and investment flows," the joint statement said.
