NEW DELHI: Brics finance ministers and central bank governors have recognised there cannot be a "one-size-fits-all" approach to cross-border interoperability of payment and messaging ch-annels, and backed further discussions on the issue to develop low-cost solutions.The assertion in the joint statement indicates a common payment system may have to wait as members of the bloc are seen to be in favour of local currency trade, as opposed to a common currency that was being pushed by some countries.In a statement, finance ministers and central bank governors said, "Risks to the global economic outlook remain elevated, reflecting persistent geopolitical tensions, trade fragmentation and protectionism, policy uncertainty, fiscal and inflationary pressures, growing debt and financial vulnerabilities. We continue to have serious concerns with the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures, which distort trade and are inconsistent with WTO rules."The statement is seen to be directed at US, which under Donald Trump has weaponised tariffs, while presidents, starting with Barack Obama, have blocked smooth functioning of WTO.Brics members have demanded that the transformation of the global economy be reflected in shareholding patterns and called for an increase in quotas in IMF, while seeking a review of the shareholding of World Bank. They underlined that voluntary financial contributions to IMF should not influence quota allocation and voting power."We also reiterate our call for improved management procedures, including through a merit-based, inclusive and transparent selection process that would increase regional diversity and representation of emerging market and developing economies in the leadership of IMF and World Bank," the statement said. While World Bank has been led by a US nominee, the IMF chief is from Europe.The bloc supported a bigger role for New Development Bank in financing development and infrastructure projects across Brics and Global South.