BRICS+ Advances Financial Reforms with Cross-Border Platforms and Development Finance: EY Report
New Delhi, July 29, 2025 — As BRICS+ nations intensify cooperation to reshape global financial systems, three major institutional mechanisms—the cross-border payments platform, the New Development Bank (NDB), and the BRICS Contingent Reserve Arrangement (CRA)—are gaining strategic importance, according to EY’s Economy Watch July 2025 report.
These developments come amid heightened global trade uncertainties stemming from geopolitical shifts, evolving supply chains, and changing trade dynamics. In response, emerging economies are fortifying their financial resilience and diversifying trade and monetary frameworks.
As of 2024, BRICS+ countries represented 42.5% of global GDP in purchasing power parity (PPP) terms, 54.0% of the world’s population, and 27.3% of global merchandise exports. These figures underscore both the growing economic influence of BRICS+ and their commitment to reforming international trade and financial governance.
The EY report projects that by 2030, BRICS+ could account for over 50% of global GDP in PPP terms, driven by robust growth among current members and the anticipated addition of new partner countries.
Building Financial Autonomy and Resilience
DK Srivastava, Chief Policy Advisor at EY India, highlighted the significance of these institutional initiatives, noting their increasing relevance amid global economic realignment. “These mechanisms—especially the blockchain-based payments platform and the CRA—are designed to enhance financial autonomy and macroeconomic stability within BRICS+ economies. Meanwhile, the NDB remains pivotal for infrastructure-led development,” he said.
The BRICS+ cross-border payments platform, underpinned by blockchain technology, aims to facilitate seamless transactions in local currencies, thereby reducing reliance on traditional reserve currencies. According to EY, this system could promote greater monetary flexibility, smoother trade flows, and enhanced financial resilience among member states.
The Role of the New Development Bank and CRA
The New Development Bank continues to evolve as a key lender for infrastructure and development projects across emerging markets. By offering competitive interest rates and development-focused financing, the NDB is helping to unlock long-term investment potential within the BRICS+ bloc.
Complementing the NDB, the BRICS Contingent Reserve Arrangement provides member nations with a safety net during balance of payments crises through a currency swap mechanism. This arrangement bolsters collective financial security and equips participating countries to better withstand external economic shocks.
Toward a More Inclusive Global Financial Order
EY’s report emphasizes that these initiatives are not intended to replace the US dollar’s dominant role but to offer alternative financial pathways. By promoting local currency trade and expanding development finance access, BRICS+ is contributing to a more inclusive and balanced global monetary system.
As the bloc expands its membership and operationalizes its financial platforms, BRICS+ is poised to emerge as a vital force in shaping a more equitable, resilient, and sovereign-oriented global economy.
