Piyush Goyal Advocates Unified Payment Systems for Stronger BRICS Trade

Union Commerce and Industry Minister Piyush Goyal urges BRICS nations to integrate payment systems and trade in local currencies to enhance economic cooperation. Speaking at the BRICS Business Forum, Goyal highlighted India's digital payment infrastructure and stressed the need to simplify regulatory procedures and improve market access for mutual benefit.

Union Commerce and Industry Minister Piyush Goyal has voiced a call to BRICS member and partner countries to integrate their payment systems and foster trade in local currencies. During the BRICS Business Forum in New Delhi, Goyal emphasized the potential of India's digital payment infrastructure, notably the Unified Payments Interface (UPI), as a model for cross-border collaboration within BRICS economies.

Goyal noted that UPI has found acceptance in 11 countries and encouraged BRICS nations to link their payment systems, support digital trade, and collaboratively advance in emerging technologies. He urged for market access facilitation, especially for raw materials and critical minerals, advocating for streamlined regulations and expedited consignment clearances.

Highlighting that non-tariff measures are raising export costs more than tariffs for 88% of nations, Goyal stressed opening markets for mutual product exchange, including raw materials and critical minerals. He also emphasized the importance of resilient supply chains and collaboration in services, startup support, and women's participation in business. The BRICS Business Forum aims to develop actionable recommendations to bolster intra-BRICS trade as India targets development milestones by 2047.