Archive · 10 Sep 2026
BRICS Summit to Focus on Payments, Trade and Market Access
BRICS is a group of 11 countries that want to cooperate more closely.
Their leaders are expected to discuss making payments between countries easier.
They are also expected to discuss increasing trade among member countries.
Some members want to use their own currencies more and depend less on the US dollar.
The group is an important source of imports for its members, but it sells less to one another than it buys.
India wants better access to markets such as China, Russia and Indonesia.
Indian businesses also want fewer customs rules, paperwork and regulatory barriers.
They have suggested using the rupee and UPI to make international payments simpler and cheaper.
Cross-border payments and intra-bloc trade are expected to top the 2026 BRICS Summit agenda.
BRICS members are exploring common-currency settlements and reduced reliance on the US dollar and SWIFT.
BRICS countries export about $1.1 trillion to one another and import $1.4 trillion within the bloc.
India is seeking better market access, fewer non-tariff barriers and more higher-value exports.
PHDCCI has urged simpler trade rules, wider currency use and cross-border payments through UPI.
- Who
- The 11 BRICS member countries, including India, China, Russia, Brazil and South Africa, along with business groups and researchers.
- What
- Leaders are expected to discuss cross-border payments, currency use, trade barriers and greater market access.
- When
- At the 18th BRICS Summit in 2026; PHDCCI issued a related statement on September 10, with the year not specified.
- Where
- Within the BRICS bloc, involving trade and payments between its member countries.
- Why
- Members want to increase intra-BRICS trade, reduce payment costs and reliance on the US dollar, and improve market access for businesses.
- BRICS membership
- The bloc comprises 11 countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates.
- Intra-BRICS exports
- Members export about $1.1 trillion to one another, equal to 18.8% of their combined global exports.
- Intra-BRICS imports
- Members import about $1.4 trillion from fellow BRICS countries, representing 29.5% of their global imports.
- Share of world exports
- Intra-BRICS exports account for 4.1% of world exports.
- Share of world imports
- Intra-BRICS imports represent 5.4% of world imports.
- India’s trade priority
- India is seeking better market access in China, Russia and Indonesia, action on non-tariff barriers and more higher-value exports.
- Payment proposals
- PHDCCI proposed wider use of currencies including the rupee and using UPI for cross-border payments.