Commerce minister Piyush Goyal calls for deeper Brics integration of payment networks, wider use of local currencies and smoother cross-border trade as global trade faces rising geopolitical and tariff risks.
Commerce and Industry Minister Piyush Goyal on Friday called on Brics member and partner countries to integrate their payment systems, expand trade in local currencies and deepen cooperation in digital commerce and emerging technologies.
Addressing the opening session of the Brics Business Forum 2026, Goyal highlighted India’s digital public infrastructure and the rapid expansion of the Unified Payments Interface (UPI). He said UPI processes more than 250 billion transactions annually and accounts for over half of global transaction volumes.
“Today, it is also accepted in 11 countries,” Goyal said, urging Brics members and partner countries to explore greater integration of their respective payment networks.
He also called for increased use of local currencies in trade, arguing that stronger payment connectivity could help deepen economic ties among Brics economies.
The Brics Business Forum was held ahead of the two-day Brics summit, which India is hosting from Saturday. The discussions come amid heightened uncertainty in global trade and supply chains, driven by geopolitical conflicts, disruptions around the Strait of Hormuz and tariff measures introduced by the Trump administration.
Goyal stressed the need for Brics economies to build deeper and more resilient trade relationships backed by diversified supply chains. Trade, he said, should support economic growth and improve people’s well-being rather than become a constraint.
More from BusinessThe minister also called for greater market access among Brics members and partner countries, particularly for raw materials and critical minerals. He said supply chains could become genuinely resilient only when trade flows in both directions.
Goyal flagged the impact of non-tariff measures on exporters, saying such restrictions can increase the cost of exports by more than tariff barriers. He urged BRICS countries to simplify regulatory processes and speed up the clearance of consignments to facilitate smoother trade.
He further proposed greater cooperation in agricultural technology, particularly through partnerships among agri-tech startups. Startups across Brics economies, he said, could jointly develop solutions for farmers while contributing to food security.
Goyal also called for stronger integration of services markets and easier movement of professionals across member countries. He proposed mutual recognition of professional qualifications to facilitate cross-border services.
Agriculture, pharmaceuticals, engineering, electronics, automobiles, auto components and services are among the sectors that offer significant scope for deeper cooperation between BRICS economies, he said.
Goyal’s remarks come as Brics seeks to strengthen intra-group economic ties, improve payment connectivity and reduce trade frictions amid an increasingly uncertain global trade and geopolitical environment.
