The first BRICS Finance Ministers and Central Bank Governors Meeting under India’s 2026 presidency, held in Jaipur on August 12-13, carried an ambitious theme: “Building for Resilience, Innovation, Cooperation and Sustainability.” The choice is timely. The global economy is confronting geopolitical fragmentation, rapid technological disruption, cyber threats and escalating climate risks. Yet the real test for BRICS is not whether its members can articulate shared concerns.
It is whether a diverse group of emerging economies can convert those concerns into institutions, infrastructure and financing arrangements that deliver measurable benefits.
BRICS now represents an increasingly important part of the world economy. Its ten full members Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia collectively account for roughly 27 percent of global GDP at market exchange rates and an even larger share when measured by purchasing-power parity. The broader BRICS-plus network, including partner countries, encompasses more than half of the world’s population. This economic and demographic weight gives BRICS legitimacy to advocate reforms in global governance, but it also creates a responsibility to produce credible solutions rather than merely challenge the existing order.
| “Indonesia Advances Financial Resilience and Cooperation at the First BRICS Finance Ministers and Central Bank Governors Meeting in Jaipur.” Source: Bank Indonesia. |
Indonesia’s intervention in Jaipur offered a pragmatic direction. Bank Indonesia Deputy Governor Filianingsih Hendarta emphasised the use of local currencies and stronger cross-border payment connectivity as instruments for economic and financial resilience. This agenda should not be reduced to a geopolitical campaign to displace the US dollar. The more constructive objective is diversification: giving businesses and consumers additional settlement options, reducing unnecessary currency conversions and lowering exposure to external funding shocks.
That distinction matters because the dollar remains deeply embedded in global reserves, trade invoicing and financial markets. Local-currency settlements also involve practical constraints, including limited liquidity, currency mismatches and persistent bilateral trade imbalances. A country running a surplus may be reluctant to accumulate the currency of a deficit partner if that currency cannot easily be invested or exchanged. Therefore, BRICS should prioritise interoperability, transparent foreign-exchange arrangements and sound risk management rather than pursuing a premature common currency.
Linking national fast-payment systems offers a more realistic starting point. BRICS members are already discussing possible connections among instant-payment platforms and central bank digital currencies to make international transfers faster and cheaper. However, these discussions remain preliminary, and no unified BRICS payment system has been approved.
A gradual model beginning with bilateral corridors, common technical standards, consumer protection and interoperable digital identities would be more sustainable than constructing an entirely separate financial architecture.
Digital Public Infrastructure can become a practical BRICS contribution to global development. Secure digital identity, inclusive payment systems and trusted data exchanges can lower transaction costs, expand financial inclusion and improve the delivery of public services. But interoperability cannot come at the expense of data protection or national sovereignty. BRICS members have different regulatory systems and levels of technological readiness. Cooperation should consequently be based on common principles security, consent, accountability and technological neutrality while allowing implementation to reflect domestic conditions.
Artificial intelligence presents an even greater test. Indonesia rightly argued that BRICS economies should not remain passive users of technologies developed elsewhere. UN Trade and Development estimates that the AI market could reach US$4.8 trillion by 2033. Yet AI capabilities remain highly concentrated, only 100 companies accounted for 40 percent of global corporate research and development spending, while 118 countries were absent from major AI-governance discussions. Fewer than one-third of developing countries had adopted national AI strategies.
Without coordinated investment in computing infrastructure, research, local-language datasets and human capital, AI may deepen the technological divide rather than narrow it.
BRICS should therefore establish joint research programmes, researcher exchanges and shared testing facilities for responsible AI. It could develop practical applications in agriculture, disaster forecasting, financial supervision and fraud detection. A common cyber-resilience framework is equally important because interconnected payment and data systems can transmit disruption across borders. Cooperation should include regular cyber exercises, information-sharing protocols and minimum security standards for critical financial infrastructure.
Climate resilience must form the third pillar. Developing countries’ adaptation needs are estimated at US$310-365 billion annually by 2035, while international public adaptation finance amounted to only US$26 billion in 2023. BRICS should use the New Development Bank and partnerships with other multilateral institutions to expand local-currency climate financing, risk guarantees and blended-finance instruments. Financing should be affordable and should not worsen the debt burdens of climate-vulnerable economies.
Finally, BRICS cooperation should complement rather than weaken universal institutions. Indonesia’s call to strengthen the International Monetary Fund as part of the global financial safety net reflects a balanced strategy. Emerging economies need greater representation in international institutions, but reform will be more effective if it improves existing mechanisms while building complementary regional capacity.
The Jaipur meeting has outlined the right priorities. BRICS will earn global credibility, however, only through concrete delivery, interoperable payments, responsible AI capacity, credible cyber safeguards and accessible climate finance. Resilience is not achieved by insulating economies from the world. It is achieved by giving them more options, stronger institutions and a meaningful voice in shaping global rules.
The views expressed in this article are solely those of the author and do not necessarily reflect the views of the institution where the author is employed.
Hari Suciono is an economic practitioner at Bank Indonesia. His work focuses on regional economic dynamics, monetary policy, and financial stability, with a particular interest in emerging and resource-based economies in Southeast Asia. His commentary has appeared in international publications, including The Diplomatic Insight and Asia Times, as well as Indonesian national media, including Kompas.com, Kumparan, Indosiana by Tempo, and Republika. The views expressed are solely those of the author and do not necessarily reflect the views of Bank Indonesia.
Hari Suciono: The author works at Bank Indonesia. The views expressed are solely those of the author and do not necessarily reflect those of the institution.
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