BRICS has instructed its Payment Task Force (BPTF) to continue searching for practical solutions for making cross-border payments between BRICS member states. It was emphasized that such operations must be fast, inexpensive, accessible, efficient, transparent, and secure, according to the New Delhi Declaration adopted at the 18th BRICS Summit.
According to this declaration, the Payment Task Force continues to study effective mechanisms for cross-border settlements, based on recommendations previously made by BRICS leaders in the Kazan and Rio de Janeiro declarations within the BRICS Initiative on Cross-Border Payments.
BRICS leaders noted the work done on studying the compatibility of national payment systems and currency systems among participating countries. The possibility of simplifying trade and investment settlements in national currencies was also discussed.
Furthermore, the declaration specifically emphasizes that the national priorities of the participating countries will be respected, and that there is no single solution that suits all states.
Following the discussions, BRICS called on the Payment Task Force to continue its activities based on the progress made and to develop practical methods for cross-border payments between members that meet the criteria of speed, low cost, accessibility, efficiency, transparency, and security.