Piyush Goyal Urges BRICS Nations To Link Payment Systems

Commerce and Industry Minister Piyush Goyal has urged BRICS member countries to link their payment systems and promote trade in local currencies.

He made this statement while addressing the opening session of the BRICS Business Forum 2026 in New Delhi.

Goyal highlighted India's significant initiatives in developing digital public infrastructure, particularly the Unified Payments Interface (UPI). The UPI has crossed 250 billion transactions annually and accounts for more than half of global transactions by volume. It is also accepted in 11 countries.

The Minister encouraged BRICS member countries and partner countries to link their payment systems, trade in each other's local currencies, and make digital trade more accessible globally. He also emphasized the importance of trade fairs and other opportunities to encourage and support trade among member countries.

The BRICS Business Forum was held on the sidelines of the two-day BRICS summit, hosted by India. The summit is being held amid global economic uncertainties triggered by various conflicts and trade policies.

Goyal stressed the need for trade among partner countries to be deep and resilient, supported by diversified supply chains. He suggested that member states should open their markets for each other's products, including raw materials and critical minerals.

The Minister also called for simpler market access for businesses and urged BRICS member states and partner countries to work towards simplifying regulatory procedures and ensuring faster clearance of consignments.

Furthermore, Goyal promoted greater cooperation among BRICS countries in various sectors, including agriculture, pharmaceuticals, engineering, electronics, automobiles, and services. He encouraged the opening of services markets to each other and the recognition of each other's professional qualifications.

The Minister also urged BRICS countries to encourage agri-tech startups to develop joint solutions for farmers and strengthen food security.

In conclusion, Piyush Goyal's speech at the BRICS Business Forum emphasized the importance of digital trade, local currencies, and cooperation among member countries to promote economic growth and development.

The BRICS summit is a significant event that brings together major emerging economies to discuss global issues and promote cooperation. The summit's outcome is expected to have a significant impact on the global economy and trade policies.

As the global economy continues to face uncertainties, the BRICS summit provides a platform for member countries to discuss and address common challenges. The cooperation among BRICS countries is expected to play a crucial role in promoting economic growth and development in the region.

The summit's focus on trade, supply chains, and market access is particularly relevant in the current global economic scenario. The discussions and agreements reached during the summit are expected to have a positive impact on trade and economic cooperation among member countries.

Overall, the BRICS summit and the Business Forum provide a significant opportunity for member countries to promote cooperation, discuss global issues, and address common challenges. The outcomes of the summit are expected to have a lasting impact on the global economy and trade policies.