New Delhi [India], September 11 (ANI): Clarifying the core objectives behind the proposed BRICS cross-border payment mechanism, Pawan Joshi, Chairman of BRICS International, stated that the initiative is designed to build financial bridges and bolster national sovereignty rather than replace global financial architectures.
Addressing misconceptions surrounding the project, Joshi emphasised that the BRICS Pay platform is not intended as an aggressive move against existing global reserve currencies.
"The focus here is sovereignty," Joshi said. "Our country is a great country, under a great leadership. Our vision is to bring our country into a fully sovereign setup. This alliance on that aspect and that is the system we are working on."
Joshi directly rejected claims that the platform is built to dismantle the established monetary order. "We are not claiming to replace anything. There is a misconception where people are talking about de-dollarisation. I don't believe in this," he stated, clarifying the collaborative and practical framework of the technology.
Conceived as an interoperable bridge between existing national financial networks, the system aims to streamline commercial trade and financial flows across partner nations.
"...Under BRICS International, we have our BRICS pay systems... This cross-border payment system which [we] are working on is, in a very generic [way], a bridge between all the existing systems that are already there in different countries," Joshi noted.
Ultimately, the goal remains facilitating smoother economic integration without disrupting global partnerships.
"We want to work with our neighbours, with our partners globally. We are working together to facilitate our citizens and our companies and businesses to have a faster transaction," he added.
The remarks come as member states evaluate mechanisms to enhance local currency trade and streamline cross-border settlement systems while preserving national autonomy and existing bilateral trade linkages.
India’s Chairship of the 18th BRICS Summit is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, deploying a human-centric approach across its core pillars to reinforce institutional strength and support sustainable growth.
The upcoming New Delhi summit follows the 17th BRICS Summit held in Rio de Janeiro, Brazil, on July 6-7, 2025, under Brazil’s chairship, which focused on Global South cooperation, inclusive governance, global health, climate action, artificial intelligence governance, trade, and financial mechanism efficiency during the first high-level assembly of the broadened grouping.
For India, the 2026 chairship marks its fourth tenure heading BRICS, following previous terms in 2012, 2016, and 2021. India last held the chair in 2021, hosting the 13th BRICS Summit virtually on September 9 under the theme BRICS@15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus.
During the 2021 chairship, New Delhi organised over 150 ministerial and sector-specific events focused on reforming the multilateral system, strengthening counter-terrorism cooperation, deploying digital tools for the Sustainable Development Goals, and enhancing people-to-people exchanges. These priorities were enshrined in the New Delhi Declaration adopted at the 13th summit.
Carrying forward this legacy, India's 2026 presidency bridges established reform goals with expanded priorities, placing resilience, innovation, and sustainability at the heart of the bloc's collective agenda as leaders convene in New Delhi to assess the group's evolving global role and chart the path forward. (ANI)
BRICS pay system focuses on financial sovereignty, not de-dollarisation: BRICS international chairman Pawan Joshi
