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Informist, Friday, Sept. 11, 2026

 

--Minister Goyal: BRICS nations should open mkts for each other's products 
--Minister Goyal: Urge BRICS nations to link payment systems 
--Minister Goyal: Urge BRICS nations to trade in local currencies 
--Minister Goyal:See high potential to deepen cooperation with BRICS nations in local currencies 

 

NEW DELHI – Commerce Minister Piyush Goyal Friday urged BRICS nations to link their payment systems and increase the use of local currencies in trade. He highlighted India's Unified Payments Interface as a model for linking digital payments across countries.

 

"Let us make digital trade global," Goyal said while addressing the opening session of the BRICS Business Forum here. "Our unified payment interface today has over 250 billion transactions a year, representing more than half of the transactions by volume across the world," he said.

 

India is hosting the 18th BRICS Summit in New Delhi on Saturday and Sunday. The BRICS group comprises 11 countries – Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the UAE. 

 

The minister also urged BRICS nations to open their markets to each other's products, including raw materials and critical minerals. He emphasised the importance of simplifying regulatory procedures and facilitating faster clearance of consignments. "Our supply chains will be resilient when they run both ways," he said. "With non-tariff measures imposing higher export costs, in fact, much more than the tariffs themselves, for 88% of the countries, we need to make market access easier, smoother," he added. 

 

He also called on the BRICS nations to open the services sector for each other "in a real sense". "Let professionals move easily across borders," he said. 

 

India sees immense potential to deepen cooperation with BRICS members and partner countries, Goyal said.

 

Speaking at the same forum, External Affairs Minister S. Jaishankar flagged growing uncertainty in the global political and economic order, saying volatility and complexity had become defining features of the world. 

 

However, rapid digitisation and technological advances were creating new opportunities for growth, productivity and development, he said. "The result is an economic landscape where both risks and opportunities are becoming more widely distributed and where the ability to anticipate, adapt and respond is acquiring greater importance," he added.

 

The objective for BRICS nations is to strengthen their ability to absorb shocks, while remaining connected and competitive, Jaishankar said. "That calls for genuine market practices, dependable logistics, predictable business environment, diversified commercial relationships and transparent trade and investments," he said. "It also calls for energy systems capable of coping with disruptions and transition pathways which are suited to different national circumstances." 

 

Jaishankar said the most useful contribution of the BRICS forum would be to bring a clear business perspective for the next phase of cooperation. "I would urge you to focus on the practical," he added.  End

 

Reported by Pratiksha and Radhika Tiwari

Edited by Avishek Dutta

 

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