Commerce and Industry Minister Piyush Goyal has urged BRICS member and partner countries to integrate their payment systems and increase trade using local currencies.
Addressing the BRICS Business Forum in New Delhi, Goyal highlighted India’s Unified Payments Interface (UPI) as a potential foundation for greater cross-border payment cooperation. He said UPI now processes more than 250 billion transactions annually and is accepted in 11 countries.
Goyal called for BRICS nations to link their payment networks, make digital trade more accessible and work together on emerging technologies. He also pushed for easier market access, simpler regulations and faster clearance of consignments.
The minister stressed the importance of resilient and diversified supply chains, particularly for raw materials and critical minerals. He also called for greater cooperation in sectors such as agriculture, pharmaceuticals, engineering, electronics and services.
The push comes as BRICS countries explore ways to strengthen cross-border payments and expand the use of national currencies in trade. The broader effort could reduce transaction friction and deepen economic integration among member and partner countries.
Goyal also called for easier movement of professionals across BRICS countries and mutual recognition of professional qualifications, seeking to expand cooperation beyond goods trade to services and human capital.
