India hopes Iran and UAE will show flexibility, allow Brics declaration

Commerce and industry minister Piyush Goyal urged Brics nations to remove trade barriers and promote easier movement of professionals at the Brics Business Forum. Goyal called for linking payment systems and trade in each other's local currency, as well as opening services markets and streamlining regulatory and customs processes. He emphasized the importance of dismantling non-tariff measures that impose higher import costs, often exceeding the tariffs themselves.

Goyal highlighted the government's efforts in establishing digital public infrastructure, noting that UPI has been accepted in 11 countries. He urged Brics member countries and partner nations to collaborate on linking payment systems, trading in each other's local currencies, and building digital trade for the future of emerging technologies.

External Affairs Minister S Jaishankar echoed Goyal's sentiments, calling for transparent trade and investment practices to address economic challenges. He emphasized the need to facilitate businesses in finding more partners, accessing more markets, connecting supply networks, and converting complementarities into viable commercial partnerships, all while navigating geopolitical tensions.