Post-Pandemic Economic Revival: BRICS Eyes Interoperable Payment Solutions

BRICS nations are focusing on interoperability payments to boost their economies post-COVID-19. India leads with its successful UPI model as countries explore alternatives for cross-border transactions. Mutual currency settlements and trade ease discussions were held at the recent BRICS Summit amid concerns over rising trade barriers.

In the aftermath of the COVID-19 pandemic, nations in the Global South, including BRICS countries, are turning to interoperability payments for economic revival. During a press conference in Rio de Janeiro, MEA Secretary Dammu Ravi highlighted the need for such alternatives to facilitate cross-border trading seamlessly.

Ravi emphasized India's success with the Unified Payments Interface (UPI), noting its potential as a low-cost, efficient solution for international transactions. Discussions within BRICS are ongoing, with countries considering India's model for broader application, aiming to enhance economic cooperation through digital infrastructure.

The recent BRICS Summit in Rio also addressed trade concerns. Member countries collectively criticized the rise of unilateral tariffs and trade barriers, describing these measures as harmful to global commerce. The declaration called for adherence to WTO rules, stressing the need for stability in global economic activities.