2 hrs ago
At BRICS Summit, Goyal Calls For Linked Payments And Trade
At a BRICS business meeting in New Delhi, India asked partner countries to make payments work more easily across borders.
Commerce Minister Piyush Goyal said countries should use their own currencies more often when trading.
He also said India’s UPI payment system handles more than 250 billion transactions each year.
UPI is accepted in 11 countries.
Goyal wanted countries to make it easier to sell products, services and important materials to one another.
Russia suggested creating a BRICS grain exchange to help buyers and sellers trade agricultural goods directly.
Russia also described a financial system that uses fewer dollars and euros for its exports.
Another Indian official said businesses face a very large shortage of affordable trade financing.
The officials said BRICS countries should cooperate to build stronger supply chains and economic growth.
Piyush Goyal urged BRICS members to link payment systems and promote local-currency trade.
India’s Unified Payments Interface reportedly exceeds 250 billion annual transactions and is accepted in 11 countries.
Goyal called for open markets, resilient supply chains, simpler regulations and faster shipment clearances.
Russia proposed a BRICS grain exchange and highlighted an alternative financial system reducing dollar and euro settlement use.
Officials cited a $2.5 trillion global trade-finance gap and promoted BRICS cooperation for small and medium enterprises.
- Who
- Indian Commerce and Industry Minister Piyush Goyal, Russian Economic Development Minister Maxim Reshetnikov, and Commerce Secretary Rajesh Agarwal addressed the forum.
- What
- BRICS officials discussed linking payment systems, local-currency trade, market access, supply chains, trade finance and digital commerce.
- Where
- The forum took place in New Delhi, India.
- When
- The BRICS Business Forum was held on Friday, ahead of the two-day summit beginning Saturday; the article is dated September 11, 2026.
- Why
- The proposals aimed to strengthen trade, improve supply-chain resilience, expand market access and respond to global economic uncertainty.
Key facts
- UPI scale
- India’s Unified Payments Interface was reported to exceed 250 billion transactions annually.
- UPI international reach
- UPI is accepted in 11 countries, according to Goyal.
- Trade-finance gap
- The global trade-finance gap was estimated at USD 2.5 trillion.
- BRICS membership
- The grouping has 11 members after expansions in 2024 and 2025.
- BRICS economic share
- The article says BRICS represents about 49.5% of the global population, 40% of global GDP and 26% of global trade.
- Russian export settlements
- Russia said dollar and euro payments for its exports fell from 85% three years earlier to about 11%.
- Proposed initiatives
- Russia proposed a BRICS grain exchange and a BRICS Special Economic Zones Association.
Quotes
Maxim Reshetnikov
Russia’s Minister of Economic Development
“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.”
financialexpress.com
freepressjournal.in
“Today, 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 of emerging technologies.”
thehansindia.com
freepressjournal.in
Sources
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