Piyush Goyal Urges BRICS Nations to Link Payment Systems and Trade in Local Currencies

Commerce and Industry Minister Piyush Goyal has urged member states and partner countries of the BRICS grouping to integrate their national payment infrastructures, encourage commercial trade in domestic currencies, and dismantle regulatory barriers to facilitate faster cross-border clearances. Speaking at the opening session of the BRICS Business Forum 2026 in New Delhi, Goyal emphasized that expanding direct market access and establishing frictionless cross-border transaction mechanisms are essential steps to build resilient global supply chains across member economies.

The forum took place on September 11, 2026, serving as a key precursor to the two-day BRICS leaders summit hosted by India. Goyal called on the multi-nation bloc to accelerate economic integration across high-growth sectors, highlighting India's expertise in digital public infrastructure, pharmaceuticals, engineering, electronics, automotive manufacturing, and specialized services.

To establish a scalable blueprint for financial integration, Goyal highlighted the operational scale of India's Unified Payments Interface (UPI). The instant payment network processes over 250 billion transactions annually, accounting for more than half of all global real-time digital transaction volumes. The minister pointed out that UPI technology is already accepted across 11 countries, creating a proven operational platform that could be linked with payment systems across the BRICS alliance.

Addressing delegates at the forum, Goyal called for direct collaboration to modernize cross-border settlement channels. "Today, it (UPI) is also accepted in 11 countries and I would urge the BRICS member countries and partner countries to link our payment systems, trade in each other's local currencies, make digital trade global and build together for the future emerging technologies," Goyal said. Linking these networks would reduce reliance on third-currency intermediary clearinghouses, lowering transaction costs for commercial enterprises operating within the trade bloc.

Beyond digital payment linkages, India called for open market access and balanced bilateral commercial flows, particularly regarding essential industrial inputs and strategic raw materials. Goyal urged member states to facilitate trade in critical minerals, noting that two-way supply chain integration is vital to withstand external economic shocks. He observed that non-tariff measures frequently impose higher overall compliance costs on exporters than traditional import duties, creating artificial bottlenecks for international trade.

The minister advocated for streamlining customs procedures to expedite shipment clearances and highlighted specific opportunities in agricultural technology and startup cooperation. "We should open our markets for each other's products, including for raw materials and critical minerals. Our supply chains will be resilient when they run both ways," Goyal noted. To maximize economic potential, he also called for liberalizing service sectors across the bloc. "Let us open our services markets to each other in a real sense. Let professionals move easily across borders and make it easier to recognise each other's professional qualifications," he added.

The call for local currency settlement aligns with broader financial realignments underway across member nations. Russian Economic Development Minister Maxim Reshetnikov presented evidence of a dramatic shift in commercial invoicing patterns, reporting that the share of US dollars and euros in Russian export settlements dropped from 85 percent three years ago to approximately 11 percent. Reshetnikov attributed this transformation to the establishment of alternative international financial mechanisms that connect thousands of banking institutions.

Reshetnikov stated that BRICS members now represent a quarter of global economic output and serve as a crucial engine for sustainable development. "Three years ago, dollar and euro totalled 85% of settlements for Russian exports. The figure now stands at about 11%. An alternative international financial system became our key leverage. Today it links thousands of banks from many countries and prospects are even greater," the Russian minister said. He invited foreign enterprises to participate in domestic investment projects, emphasizing that Russia offers expanding market opportunities for international partners.

To reduce price volatility driven by Western financial intermediaries, Russia proposed establishing concrete trading mechanisms tailored to BRICS markets, including a dedicated BRICS Grain Exchange and a BRICS Special Economic Zones (SEZ) Association. Reshetnikov emphasized that although member nations are leading global producers and consumers of agricultural products, market participants continue to rely on external price benchmarks that do not reflect domestic market realities. He called for direct trading channels where agricultural producers, buyers, and traders can negotiate and execute transactions directly.

Addressing systemic constraints in commercial execution, Indian Commerce Secretary Rajesh Agrawal drew attention to a global trade finance shortfall estimated at $2.5 trillion. Agrawal emphasized the need for structural mechanisms that enable exporters to secure affordable working capital based on confirmed export orders and documented settlement histories. Bridging this liquidity gap, Agrawal noted, remains critical to enabling small and medium enterprises to participate fully in cross-border trade networks across emerging markets.

The deliberations reflect the expanding scope of the BRICS framework, which broadened its formal membership in 2024 by integrating Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia alongside founding members Brazil, Russia, India, China, and South Africa. Indonesia formally joined the core group in 2025, while ten additional nations, including Malaysia, Thailand, Vietnam, Nigeria, Belarus, Kazakhstan, Uzbekistan, Cuba, Bolivia, and Uganda, were added as official partner countries.

The expanding geopolitical footprint has accelerated bilateral and multilateral economic arrangements within the bloc. Reshetnikov confirmed that active negotiations are underway for a comprehensive trade agreement between India and the Eurasian Economic Union (EAEU). These institutional frameworks aim to maintain stable commercial channels amid persistent fragmentation in the global trading environment.

As the two-day BRICS summit continues in New Delhi, working groups are scheduled to evaluate technical frameworks for payment system interoperability and review Russia's detailed proposal for the BRICS Grain Exchange. Public and private stakeholders across member nations will submit technical feedback on the proposed trading platforms, while trade officials evaluate mechanisms to address non-tariff barriers and trade finance shortfalls.

Concurrently, bilateral negotiations surrounding the India-EAEU trade pact will proceed alongside discussions on mutual recognition of professional qualifications. These proceedings will establish procedural blueprints for local currency settlements and joint investment frameworks ahead of upcoming ministerial reviews.