Piyush Goyal Urges BRICS Nations To Link Payment Systems, Make Digital Trade More Accessible

New Delhi: Commerce and industry minister Piyush Goyal on Friday pitched for India’s Unified Payments Interface (UPI) and urged BRICS member countries to link their payment systems, encourage trade in local currencies, and make digital trade more accessible globally. As India has recently taken significant steps, not only domestically but also internationally, for a digital public infrastructure ecosystem, India called for making market access easier and smoother for businesses across the world.

“India’s UPI has crossed over 250 billion transactions a year, representing more than half of the transactions by volume across the world. It requires all of us to work together to translate our work into jobs for our people, wealth and prosperity for BRICS member states, which represent half of mankind and 40 percent of the global GDP," he said while addressing the Opening Session of BRICS Business Forum 2026 here.

The business forum was held on the sidelines of the two-day BRICS summit starting September 12-13, being hosted by India. The summit is taking place against growing global economic uncertainties triggered by the Russia-Ukraine war, US-Iran conflict leading to the blockade of the Strait of Hormuz, and the ongoing Donald Trump administration’s tariff policies.

“Today, the 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. The trade amongst partners should be deep, and resilient with diversified supply chains, ensuring that at no point of time trade becomes an impediment to growth and the well-being of the people of each member state,” he said.

The minister also highlighted that India brings strong capabilities across many sectors, including agriculture, pharmaceuticals, services, start-ups and digital public infrastructure, and that these offer significant scope for joint innovation, technology partnerships and resilient markets. “The BRICS today represents almost one-fourth of global trade. India is an important pillar of the intra-brics trade,” he said.

“Engineering goods and electronics account for the largest segment of India's manufactured exports. India is also known as the pharmacy of the world. We see BRICS as an important market for these and other products that India seeks to take to the world as a trusted partner. I urge BRICS member states and partner countries to open their markets while working together to simplify regulatory procedures and facilitate faster clearance of consignments,” the minister added.

Meanwhile, commerce secretary Rajesh Agarwal also called for taking steps to bridge trade finance gaps. “With the global trade finance gap estimated at USD 2.5 trillion, we should enable exporters to access affordable working capital based on confirmed orders and reliable payment records,” the secretary said, adding that the Jaipur consensus provides an important foundation for exploring a common BRICS mechanism in this regard. 

Exports From BRICS

Commerce and industry minister Piyush Goyal on Friday said exports from BRICS countries have risen from about $900 billion in 2003 to $6 trillion in 2024, reflecting the scale of its market and potential. “The share of BRICS nations in global exports has nearly doubled to about 24 per cent,” Goyal also said while speaking at the BRICS Business Forum here.

The forum is held on the sidelines of the two-day BRICS Summit, beginning Saturday. “This is the largest BRICS business forum ever held. The forum has taken up issues such as non-tariff barriers impacting global value chains, agriculture and agri-technologies, services trade, women-led enterprises and digital economy,” he said.