BRICS digital currency push faces $226 billion trade deficit
India is leveraging its chairship to push for deeper BRICS integration, specifically promoting the cross-border adoption of the Unified Payments Interface and local currency settlement to address the $226 billion trade deficit. While intra-BRICS trade has surged to $1.2 trillion, New Delhi is pressing for the removal of non-tariff barriers and greater market access for critical minerals and services to balance structural imbalances.
According to GN markets/fx (en-US), Commerce Minister Piyush Goyal highlighted that UPI now processes over 250 billion transactions annually and is live in 11 countries, urging BRICS members to link their digital payment infrastructure. He also emphasized that non-tariff measures impose higher costs than tariffs for 88% of nations, calling for streamlined regulatory procedures to facilitate cross-border trade.
Source: GN markets/fx (en-US)Commerce Minister Piyush Goyal intensified the push ahead of tomorrow's summit by citing UPI's massive global reach and urging BRICS nations to integrate payment systems and diversify supply chains, according to GN markets/fx (en-US). He also highlighted the need to reduce non-tariff barriers, which he noted impose higher costs than tariffs in 88% of countries, while calling for deeper cooperation in sectors ranging from critical minerals to agri-tech.
Source: GN markets/fx (en-US)India proposes linking BRICS central bank digital currencies to streamline settlement, yet a massive trade imbalance with partners complicates the strategy.
Source: GN markets/fx (en-US)
