The discussions focused on reducing dependence on currencies such as the US dollar for trade and making investment across borders easier. The report puts the expanded BRICS grouping’s share at about 40% of global economic output and close to half the world’s population.

Connecting payment platforms could make international transfers quicker, less expensive and more secure, experts suggested. They also proposed examining whether digital currencies issued by central banks could operate across national systems. Deloitte’s Anil Talreja stressed that wider use of domestic currencies would require effective risk controls and more developed financial markets.

Beyond banking, experts called for fewer obstacles to trade, easier customs processes and clearer regulations. These changes would help businesses navigate transactions across a larger group of partner countries without unexpected procedural hurdles.

ASSOCHAM President Nirmal Kumar Minda emphasised trust and openness as priorities for further BRICS cooperation. He linked stronger engagement with economic diversification and more dependable supply networks, helping members withstand disruptions in world trade and restrictions involving technology. The report does not specify an implementation timetable for the banking proposals.