Finance And Central Bank Governors
The BRICS cooperation in economy and finance is one of the most prominent pillars of cooperation among BRICS countries. Issues and initiatives under the financial cooperation are dealt with by the Ministers of Finance and Central Bank Governors.
The Finance Ministers of Brazil, Russia, India and China held their first meeting in 2009 to reflect on the causes of the 2008 Financial Crisis and address issues and reforms relating to the international financial institutions and global governance as well as BRICS countries’ experiences and policy responses to financial developments.
Over the years, the major outcomes of the BRICS cooperation in finance are marked by these developments:
BRICS Contingent Reserve Arrangement (CRA), an important cross regional financing arrangement to meet short-term liquidity needs, and
New Development Bank (NDB), a multilateral BRICS development bank founded in 2014, with the objective of mobilizing resources for infrastructure and sustainable development projects in the BRICS countries.
Currently, there are five Working Groups at the operational level under the EFC agenda:
- BRICS Custom Co-operation Committee
- BRICS Public Private Partnership Task Force
- BRICS Heads of Tax Authority and Tax Experts’ Meetings
- BRICS Bond Fund Working Group
- BRICS Contingent Reserve Arrangement (CRA) Standing Committee
Three Meetings of BRICS Finance and Central Bank Governors as well as a Meeting of the BRICS CRA Standing Committee, under the BRICS Russian Chairship, were held on November 9, 2020. The participants discussed about the establishment of a joint digital platform for fostering infrastructure investments in the BRICS countries.