Piyush Goyal urges BRICS to link payment systems, trade in local currencies

New Delhi: Commerce and industry minister Piyush Goyal on Friday urged BRICS member countries to link their payment systems, encourage trade in local currencies, simplify regulatory procedures and make digital trade more accessible globally.

Speaking at the opening session of the BRICS Business Forum 2026, he also called on BRICS countries to open their markets to each other's products, including raw materials and critical minerals, and work together to simplify regulations and facilitate faster clearance of consignments.

Highlighting India's initiatives in digital public infrastructure, Goyal said the Unified Payments Interface (UPI) has crossed 250 billion transactions a year, accounting for more than half of the world's transactions by volume.


"Today, it (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 emerging technologies," Goyal said.

The business forum was held on the sidelines of the two-day BRICS summit, being hosted by India from Saturday.

At the same session, Russian economic development minister Maxim Reshetnikov said BRICS countries account for a quarter of the global economy and represent a powerful voice for a sustainable future.

"We stand for concrete steps to foster resilient supply chains, accelerate green and digital transition," Reshetnikov said. "Russia strongly welcomes foreign businesses to enter our country. Today we are the economy of opportunities." He said Russia had taken a series of measures to boost exports and economic growth and modernise infrastructure. Exports account for 18% of its GDP, he added.

"Three years ago, dollar and euro totalled 85% of settlements for Russian exports. The figure now stands at about 11%. An alternative international financial system became our key leverage. Today it links thousands of banks from many countries and prospects are even greater," the Russian minister said.

Fivemember BRICS bloc comprises Brazil, Russia, India, China and South Africa.