BRICS leaders push for linked payment systems and local currency trade

India’s Union Commerce Minister Piyush Goyal called for the integration of payment systems across BRICS nations. He urged member states to conduct trade in local currencies. These remarks occurred during the inaugural session of the BRICS Business Forum on September 11, 2026. The minister stated that BRICS countries account for 40% of global GDP. He noted that the bloc represents one-fourth of total global trade.

Goyal emphasized that India serves as a key pillar of intra-BRICS commerce. Engineering goods and electronics form the largest segment of India’s manufactured exports. The minister also highlighted India’s role in global pharmaceutical supply. He requested that partner countries open markets to raw materials and critical minerals. He further called for simplified regulatory procedures to speed up consignment clearance.

Ministers define strategic economic goals

External Affairs Minister S. Jaishankar outlined the objective of economic security. He defined self-reliance as the ability to absorb shocks while remaining connected. He cited the need for predictable business environments. He also stressed the importance of diversified commercial relationships. Jaishankar mentioned that energy systems must handle disruption and transition pathways.

Goyal stated that trade must not become an impediment to growth. He described the desired trade relationship as deep and resilient. He emphasized the need for diversified supply chains. He urged members to make digital trade global. The goal is to ensure trade supports the wellbeing of each member state.

New proposals for commodity exchanges

Russia’s Minister of Economic Development Maxim Reshetnikov proposed a BRICS grain exchange. He stated that current price benchmarks do not reflect BRICS interests. He called for an independent mechanism for agricultural commodities. Russia has prepared a detailed plan for this unified trading platform. The platform would allow direct transactions between producers and buyers.

Reshetnikov also advocated for joint Special Economic Zones. He noted that individual members have used these zones effectively. He suggested that the bloc should now create shared economic zones. This collaboration would leverage the collective strengths of the member nations.

Focus on digital infrastructure and data

Minister of State Jitin Prasada highlighted the need for collaboration in digital services. He pointed to artificial intelligence and semiconductors as key areas. He emphasized the critical role of data centres in the future economy. Prasada called for the availability of green power for these facilities. He stressed the importance of keeping data within national boundaries.

The discussion centered on hyperscale data centres and AI technology. Prasada argued that best practices must ensure economic sovereignty. He linked technology infrastructure to broader economic resilience. This approach supports the broader goal of interconnected yet secure markets. The forum concluded with a call for sustained cooperation in these sectors.