BRICS Business Forum: Goyal seeks local currency trade

Union Commerce and Industry Minister Piyush Goyal on Friday called on BRICS member and partner countries to deepen economic cooperation by opening markets, simplifying regulatory procedures, linking payment systems and promoting trade in local currencies.
Addressing the opening session of the BRICS Business Forum in New Delhi, Goyal said BRICS, which accounts for nearly one-fourth of global trade, has significant potential to strengthen trade and investment ties, diversify supply chains and build resilient global value chains.Goyal stressed the need for greater market access and diversified supply chains, particularly for raw materials and critical minerals, while calling for faster clearance of consignments and simpler regulatory procedures.
“We should open our markets for each other’s products, including raw materials and critical minerals,” Goyal said, adding that supply chains would be resilient when they “run both ways”.He noted that non-tariff measures impose higher export costs than tariffs for 88 per cent of countries and called for smoother market access among BRICS members and partner countries.

Delhi: Speaking at the BRICS Business Forum, Union Minister Piyush Goyal says, "Trade fairs and other opportunities which we can all encourage and support. India has taken significant initiatives in laying out a digital public infrastructure. In fact, our Unified Payment… pic.twitter.com/PNrbBgq6aC

— IANS (@ians_india) September 11, 2026

Highlighting India’s strengths in engineering goods, electronics and pharmaceuticals, Goyal said BRICS represents an important market for Indian products. He also urged greater cooperation in agriculture and called for agri-tech startups from BRICS countries to jointly develop solutions aimed at strengthening food security.The minister called for deeper cooperation in services by facilitating the movement of professionals and making it easier to recognise professional qualifications across BRICS countries.
Goyal also highlighted the growing role of women in India’s startup ecosystem, saying more than 45 per cent of the country’s 250,000 recognised startups have at least one woman partner or director. He urged the BRICS Women’s Business Alliance to increase the participation of women-led enterprises in exhibitions, trade fairs and other business opportunities.
Highlighting India’s digital public infrastructure and the global expansion of the Unified Payments Interface (UPI), Goyal called for BRICS countries to link their payment systems and promote trade in local currencies.He said India’s capabilities across agriculture, pharmaceuticals, engineering, electronics, automobiles, auto components and services offer considerable scope for joint innovation, technology partnerships and resilient supply chains. He also called for closer links between startup ecosystems and cooperation in emerging technologies.
External Affairs Minister S Jaishankar said BRICS cooperation has evolved substantially over the past two decades in terms of membership, agenda and mechanisms. He said India’s 2026 BRICS Chairship seeks to advance this evolution under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.”Jaishankar said volatility, uncertainty and complexity are increasingly shaping the global political and economic environment. He identified supply chain connectivity, trade facilitation, services, agriculture, agri-tech, digital delivery, MSMEs, startups and women-led enterprises as key areas for BRICS cooperation.He stressed the need for BRICS economies to strengthen self-reliance while remaining connected and competitive, with dependable logistics, a predictable business environment, diversified commercial ties and transparent trade and investment.

VIDEO | BRICS 2026: Addressing the opening ceremony of BRICS Business Forum, EAM Dr S Jaishankar (@DrSJaishankar) says, “In this period, BRICS has evolved substantially in terms of membership, agenda, and mechanisms of cooperation. India's chairship has sought to carry this… pic.twitter.com/66GOm54ACU

— Press Trust of India (@PTI_News) September 11, 2026

Minister of State for Commerce and Industry and Electronics and Information Technology Jitin Prasada said the BRICS Business Forum provides an opportunity to turn the grouping’s economic strength into concrete commercial outcomes.Prasada highlighted digital services and artificial intelligence as key areas for cooperation and called for greater technology exchange in AI. On semiconductors, he highlighted India’s Semiconductor Mission 2.0 and urged BRICS countries to cooperate in developing the entire semiconductor ecosystem.Commerce Secretary Rajesh Agrawal said trade among BRICS countries has grown significantly, rising from USD 84 billion in 2003 to nearly USD 1.2 trillion in 2024.He stressed the need to preserve and revitalise the multilateral trading system with the World Trade Organization at its core, while supporting MSMEs through measures such as affordable working capital.Agrawal also highlighted BRICS Connect, B2B partnerships, an annual BRICS Trade and Investment Expo, digital trade documentation and greater sectoral cooperation, including healthcare.The BRICS Business Forum is being held in New Delhi ahead of the 18th BRICS Summit, which India will host on September 12-13 under its 2026 Chairship.

(Business Correspondent)