Archive · 11 Sep 2026
India Urges BRICS Payment Links and Deeper Local-Currency Trade
India asked BRICS countries to make it easier to trade with one another.
Commerce Minister Piyush Goyal suggested connecting their digital payment systems.
He also encouraged countries to use their own currencies more often instead of relying on other currencies.
India’s UPI payment system is accepted in 11 countries and handles more than 250 billion transactions each year.
Goyal wants simpler business rules and faster approval for shipments.
He said countries should trade more raw materials, critical minerals and manufactured goods with one another.
Officials also discussed helping startups, women-led companies and small businesses.
Russia proposed a BRICS grain exchange and cooperation among special economic zones.
The ideas were discussed in New Delhi before the BRICS leaders’ summit on September 12 and 13.
Piyush Goyal urged BRICS members and partner countries to link payment systems, use local currencies and expand digital trade.
Goyal said India’s Unified Payments Interface is accepted in 11 countries and processes more than 250 billion transactions annually.
India called for simpler regulations, faster consignment clearances, easier services access and mutual recognition of professional qualifications.
Goyal urged BRICS economies to open markets to raw materials, critical minerals and manufactured goods, while building two-way supply chains.
Officials proposed cooperation on startups, women-led businesses, trade finance, a BRICS grain exchange, special economic zones and digital trade documentation.
- Who
- Piyush Goyal, Indian Commerce and Industry Minister, along with BRICS government officials, business leaders and industry representatives.
- What
- Participants proposed linking payment systems, increasing local-currency trade, reducing trade barriers and strengthening supply-chain and business cooperation.
- When
- Friday, September 11, 2026, before the BRICS Summit on September 12 and 13.
- Where
- The BRICS Business Forum at Bharat Mandapam in New Delhi, India.
- Why
- To deepen intra-BRICS trade, improve market access, strengthen supply chains and expand economic cooperation amid global economic uncertainty.
Deeper Economic Integration
Balanced and Gradual Commercial Expansion
Payment and currency cooperation
Deeper Economic Integration
India and Russia advocated stronger cross-border payment links, greater use of local currencies and alternative financial arrangements.
Balanced and Gradual Commercial Expansion
The articles do not report opposition to payment links, but business representatives emphasized that cooperation should produce balanced trade, investment and manufacturing opportunities.
Trade balance
Deeper Economic Integration
Closer integration could allow resources, technology, capital and products to move across BRICS economies and strengthen two-way supply chains.
Balanced and Gradual Commercial Expansion
ASSOCHAM President Nirmal Kumar Minda said countries may seek trade surpluses, but managing trade neutrality could be preferable, with surpluses depending on each nation’s strength.
Market access
Deeper Economic Integration
Goyal called for open markets, simpler regulations, faster customs clearances and easier movement of professionals to expand trade.
Balanced and Gradual Commercial Expansion
The forum’s business perspective stressed practical commercial outcomes, including reliable logistics, clear investment procedures, affordable trade finance and opportunities for smaller firms.
- Main speaker
- Piyush Goyal, India’s Commerce and Industry Minister
- Forum date
- September 11, 2026, ahead of the BRICS leaders’ summit
- 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
- Trade-finance gap
- The global trade-finance gap was estimated at USD 2.5 trillion by Commerce Secretary Rajesh Agarwal
- Additional proposals
- A BRICS grain exchange, a special economic zones association, BRICS Connect and an annual trade and investment expo
Sources
BRICS Business Forum 2026: India Pushes For Open Markets, Local Currency Trade And Stronger Economic Cooperation
Piyush Goyal Urges BRICS Nations to Link Payment Systems, Boost Trade in Local Currencies
BRICS must move beyond ‘large markets’: India pushes payments, trade and supply-chain integration
