4 hrs ago
India Presses BRICS to Link Payments and Strengthen Trade
Piyush Goyal asked BRICS countries to make trading with one another easier.
He suggested connecting their digital payment systems and using national currencies more often.
He said India’s UPI payment system could help countries pay across borders.
UPI is accepted in 11 countries and handles more than 250 billion transactions each year.
Goyal also wants simpler business rules and faster approval for shipments.
He said countries should share important materials such as raw materials and critical minerals.
He encouraged cooperation among startups, farmers, professionals and women-led businesses.
Other officials proposed better trade finance and new BRICS business projects.
These ideas were discussed in New Delhi before the BRICS Summit.
Piyush Goyal urged BRICS members and partners to link payment systems and trade more in local currencies.
He said India’s Unified Payments Interface is accepted in 11 countries and processes more than 250 billion transactions annually.
Goyal called for simpler regulations, faster consignment clearances, easier services access and mutual recognition of professional qualifications.
He urged BRICS countries to open markets to raw materials, critical minerals and manufactured goods, including engineering products, electronics and pharmaceuticals.
Officials proposed cooperation on startups, women-led businesses, trade finance, resilient supply chains, a grain exchange and special economic zones.
- Who
- Piyush Goyal, India’s Commerce and Industry Minister, along with BRICS government and business representatives.
- What
- India proposed linking payment systems, increasing local-currency trade, simplifying regulations and strengthening supply-chain and business cooperation.
- Where
- At the BRICS Business Forum in New Delhi, India.
- When
- Friday, September 11, ahead of the BRICS Summit on September 12 and 13.
- Why
- To deepen intra-BRICS trade, improve market access, support resilient supply chains and expand economic cooperation.
Key facts
- Main speaker
- Piyush Goyal, India’s Commerce and Industry Minister
- Forum
- BRICS Business Forum in New Delhi
- Payment proposal
- Link BRICS payment systems and promote trade in local currencies
- UPI reach
- India’s Unified Payments Interface is accepted in 11 countries
- UPI activity
- More than 250 billion transactions annually, according to the PTI report
- Market-access concern
- Non-tariff measures impose higher export costs than tariffs for 88% of countries, Goyal said
- Trade-finance gap
- The global trade-finance gap was estimated at USD 2.5 trillion by Commerce Secretary Rajesh Agarwal
- Startup participation
- More than 45% of India’s 250,000 recognised startups have at least one woman partner or director
Quotes
Nirmal Kumar Minda
President of ASSOCHAM
“We should not be looking at BRICS as a group of large markets but as an economic network where our strengths can reinforce one another. A resource in one BRICS economy can support manufacturing in another. A technology developed in one market can find scale in another. Capital can find projects, and business can find new partners and customers across our economy.”
thestatesman.com
“Three years ago, dollar and euro totalled 85 per cent of settlements for Russian exports. The figure now stands at about 11 per cent. An alternative international financial system became our key leverage. Today it links thousands of banks from many countries and prospects are even greater.”
theprint.in
Sources
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