2 hrs ago
PHDCCI Urges BRICS to Deliver Tangible Benefits for Indian Businesses
PHDCCI wants BRICS countries to make it easier for businesses to trade with one another.
It says cooperation should lead to real savings and faster transactions.
The chamber proposed a system for companies to report and solve trade problems.
It also supports using national currencies, such as the Indian rupee, for payments.
PHDCCI said countries could connect their digital payment systems through common QR codes and standards.
This could help small exporters and service businesses receive payments more easily.
The chamber also wants better access to loans and invoice financing.
It believes shared product approvals could reduce repeated testing and costs.
PHDCCI urged the 18th BRICS Summit to produce measurable trade and investment benefits for Indian companies.
The chamber proposed a BRICS Trade Barriers Resolution Mechanism covering customs, documentation, standards and regulations.
PHDCCI backed greater use of national currencies, including the Indian rupee, while rejecting the need for a single BRICS currency.
It called for interoperable payment systems, including wider international use of India’s Unified Payments Interface.
The chamber also recommended easier trade finance and mutual recognition of product standards to reduce costs for exporters and SMEs.
- Who
- The PHD Chamber of Commerce and Industry (PHDCCI), led in this statement by President Rajeev Juneja.
- What
- PHDCCI proposed measures to make BRICS trade and investment more practical and beneficial for Indian businesses.
- Where
- The statement was issued from New Delhi; the summit location is not specified.
- When
- Ahead of or during the 18th BRICS Summit; no specific date is provided.
- Why
- To make cross-border trade and investment cheaper, quicker and simpler for Indian exporters, SMEs and other companies.
Key facts
- Organization
- PHD Chamber of Commerce and Industry (PHDCCI)
- Summit
- 18th BRICS Summit
- Trade proposal
- BRICS Trade Barriers Resolution Mechanism
- Payments
- Wider use of national currencies and interoperable digital payment systems
- Indian payment platform
- Unified Payments Interface (UPI)
- Trade finance
- Invoice and trade finance, potentially linked with Trade Receivables Discounting System (TReDS)
- Target beneficiaries
- Indian exporters, small and medium-sized enterprises and service providers
Sources
Related news
BRICS Summit to Focus on Payments, Trade and Market Access
India To Promote Digital Currencies for BRICS Cross-Border Payments
Goyal Calls for Common BRICS Trade Platform, Women’s Fund
India to Showcase UPI at 2026 BRICS Summit
BRICS explores local-currency payments to reduce dollar dependence
BRICS Focuses on Local-Currency Payments, Not a Common Currency
Choosing Invoice Discounting, Overdrafts, and Term Loans for Growth
GHMC Reports Recovery of ₹6.92 Crore in Excess Payments
New MSME Bill Targets India's Chronic Small-Business Payment Delays
Maharashtra Cabinet Approves Rs 6,477 Crore Jayakwadi Phase-II Funding
