Goyal Urges BRICS to Link Payment Systems and Trade in Local Currencies
India’s commerce minister cited 250 billion annual transactions as evidence for integrating BRICS payment networks.
The Unified Payments Interface processes over 250 billion transactions annually. This volume represents more than half of global digital payment traffic.
Piyush Goyal called on BRICS nations to link their payment systems. He urged member states to expand trade conducted in local currencies. The remarks came during the opening session of the BRICS Business Forum 2026.
Payment integration across member states
UPI is currently accepted in 11 countries. Goyal stated that this reach demonstrates the scalability of the network. He proposed that BRICS members explore deeper integration of their respective digital rails.
Trade barriers and supply chain resilience
Non-tariff measures can raise export costs above tariff levels. Goyal argued that such restrictions hinder economic growth. He called for simplified regulatory processes to speed up consignment clearance.
The minister highlighted the need for diversified supply chains. He noted that trade must flow in both directions to build resilience. Greater market access for raw materials and critical minerals is a priority.
Sectoral cooperation and services integration
Goyal identified agriculture, pharmaceuticals, and electronics as key cooperation areas. He proposed joint efforts by agri-tech startups to improve food security. The minister also advocated for mutual recognition of professional qualifications.
These proposals aim to reduce trade frictions among BRICS economies. The initiative seeks to strengthen intra-group ties amid geopolitical uncertainty. GN markets/fx reported on the broader context of these discussions.
