India urges BRICS to link payment systems, encourage local currency trade

New Delhi: Commerce and industry minister Piyush Goyal called on the member nations of the BRICS bloc to link their payment systems, promote the use of local currencies in trade, simplify regulatory procedures, and enhance digital trade accessibility worldwide. At the opening session of the BRICS Business Forum 2026, Goyal also urged the leaders of the BRICS nations to open their markets to each other's products, including raw materials and critical minerals.

He emphasized the importance of streamlining regulatory procedures to facilitate swifter clearance of goods. India has made significant strides in developing a digital public infrastructure, with its Unified Payments Interface (UPI) processing over 250 billion transactions annually, accounting for more than half of global transaction volumes.

Goyal encouraged BRICS members and partner countries to link their payment systems, engage in local currency trade, facilitate global digital trade, and collaborate on emerging technologies. At the same session, Russian Economic Development Minister Maxim Reshetnikov highlighted that BRICS countries make up a quarter of the global economy, and urged the group to take concrete steps to create resilient supply chains, advance green and digital transitions, and foster sustainable growth.

Reshetnikov noted that Russia has taken measures to boost exports and modernize its infrastructure, and indicated that it now relies on alternative international financial systems for about 11% of its exports.