BRICS Summit: Piyush Goyal Urges Nations To Link Payment Systems, Expand UPI Reach
Commerce and Industry Minister Piyush Goyal on Friday urged BRICS member countries to link their payment systems, promote trade in local currencies and make digital trade more accessible globally. Addressing the opening session of the BRICS Business Forum 2026 in New Delhi, Goyal said India had taken significant initiatives in developing digital public infrastructure. India’s Unified Payments…
Minister Piyush Goyal urged BRICS nations to integrate their payment systems, encourage trade using local currencies, and facilitate digital trade worldwide during the BRICS Business Forum 2026 in New Delhi. He highlighted India's extensive digital public infrastructure, pointing out that the Unified Payments Interface (UPI) has processed more than 250 billion transactions annually and is accepted in 11 countries.
Goyal called for BRICS member countries and partners to link their payment systems, engage in trade using each other's local currencies, and expand global digital trade. The two-day summit, hosted by India, occurred amidst global economic uncertainties stemming from the Russia-Ukraine war, the US-Iran conflict, and the Trump administration's tariff policies.
Goyal advocated for deep and resilient trade among partner countries, supported by diversified supply chains, and emphasized opening markets for each other's products, including raw materials and critical minerals. He urged for simplified market access, with a call for BRICS and partner countries to streamline regulatory procedures and expedite consignment clearances.
Goyal also advocated cooperation in agriculture, pharmaceuticals, engineering, electronics, automobiles, and services, urging for greater collaboration among BRICS countries in these sectors.
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