Piyush Goyal Urges BRICS Nations to Link Payment Systems, Boost Trade in Local Currencies

Union Commerce and Industry Minister Piyush Goyal called on BRICS member and partner countries to link their payment systems, expand trade in local currencies and simplify regulations to deepen economic ties and build more resilient supply chains across the grouping.

Addressing the BRICS Business Forum in New Delhi, Goyal said greater cooperation on digital payments and emerging technologies could help unlock new opportunities for trade among BRICS economies.

Highlighting India’s digital payments infrastructure, including the Unified Payments Interface (UPI), Goyal said it could provide a foundation for deeper cross-border cooperation.

“Today, it is also accepted in 11 countries and I would urge the BRICS member countries and partner countries to link our payment systems, trade in each other's local currencies, make digital trade global and build together for the future emerging technologies,” he said.

Why does Piyush Goyal want BRICS countries to link payment systems?

Goyal said linking payment systems could strengthen economic cooperation and make cross-border transactions easier for businesses and consumers across BRICS countries.

He urged member and partner nations to explore greater trade in each other’s local currencies while expanding cooperation in digital trade and emerging technologies.

India’s experience with digital public infrastructure and the UPI, he said, could offer a basis for wider collaboration among BRICS economies as they seek to make cross-border commerce more seamless.

How can BRICS make intra-group trade easier?

The Commerce Minister also called for easier market access within BRICS, particularly for raw materials and critical minerals. He urged member countries to simplify regulatory procedures and speed up the clearance of consignments to reduce barriers to trade.

Goyal said non-tariff measures were imposing higher export costs than tariffs for 88 per cent of countries, making it important for BRICS economies to address regulatory hurdles and improve market access.

“We should open our markets for each other's products including for raw materials and critical minerals,” he said.

What did Goyal say about BRICS supply chains?

Goyal stressed the importance of building supply chains that are mutually beneficial and resilient.

Supply chains, he said, would become stronger when they “run both ways”, underlining the need for greater integration and two-way trade among BRICS economies.

He said India sees BRICS as an important market for its manufactured exports, particularly engineering goods and electronics, as well as pharmaceuticals.

Can greater cooperation in services strengthen BRICS?

Goyal also called for deeper cooperation in the services sector, including easier movement of professionals across countries and greater mutual recognition of professional qualifications.

Such measures could help businesses and skilled professionals access new opportunities across BRICS markets and contribute to closer economic integration within the grouping.

What role do startups and women-led businesses play in BRICS cooperation?

Highlighting the growing role of entrepreneurship in India’s economy, Goyal said startups and women-led businesses could play an important role in strengthening economic cooperation among BRICS countries.

He said more than 45 per cent of India’s 250,000 recognised startups have at least one woman partner or director. Goyal urged BRICS nations to ensure greater participation of women-led enterprises in exhibitions, trade fairs and other business opportunities.

The minister also proposed greater collaboration among agri-tech startups and closer links between startup ecosystems across BRICS countries.

What is India’s economic vision for BRICS cooperation?

The BRICS Business Forum is being held in New Delhi ahead of the BRICS Summit and brings together business leaders and government representatives to discuss trade, investment, finance, technology and sustainable economic development.

Goyal said India was looking to deepen cooperation with BRICS members and partner countries as it moves towards its goal of becoming a developed nation by 2047.

He said the discussions at the forum should result in “constructive and actionable recommendations” that can strengthen intra-BRICS trade and deepen economic cooperation across the grouping.

(With inputs from ANI)