Commerce and Industry Minister Piyush Goyal on Friday urged BRICS member and partner countries to integrate their payment systems, expand trade in local currencies and strengthen cooperation in digital commerce and emerging technologies.

Speaking at the opening session of the BRICS Business Forum 2026, he underscored India’s digital public infrastructure and the rapid growth of the Unified Payments Interface.

He noted that UPI now processes more than ₹2,08,33,333 crores worth of transactions annually, accounting for over half of global transaction volumes.

Goyal emphasised that UPI is already accepted in 11 countries and called on BRICS members and partners to explore greater integration of their payment networks. He argued that stronger payment connectivity would help deepen economic ties among BRICS economies.

The BRICS Business Forum was convened ahead of the two-day BRICS summit hosted by India from Saturday. The discussions took place against the backdrop of heightened uncertainty in global trade and supply chains, driven by geopolitical conflicts, disruptions around the Strait of Hormuz and tariff measures introduced by the Trump administration.

Goyal highlighted the need for BRICS economies to build deeper and more resilient trade relationships supported by diversified supply chains. He stressed that trade should serve as a driver of economic growth and improve people’s well-being rather than act as a constraint.

He also called for greater market access among BRICS members and partner countries, particularly for raw materials and critical minerals. He pointed out that supply chains could only become genuinely resilient when trade flows in both directions.

The minister flagged the impact of non-tariff measures on exporters, noting that such restrictions can increase export costs more than tariff barriers. He urged BRICS countries to simplify regulatory processes and accelerate the clearance of consignments to enable smoother trade.

Goyal further proposed enhanced cooperation in agricultural technology, particularly through partnerships among agri-tech Start-Ups.

He suggested that Start-Ups across BRICS economies could jointly develop solutions for farmers while contributing to food security.

He also called for stronger integration of services markets and easier movement of professionals across member countries. He proposed mutual recognition of professional qualifications to facilitate cross-border services.

Goyal identified agriculture, pharmaceuticals, engineering, electronics, automobiles, auto components and services as sectors offering significant scope for deeper cooperation between BRICS economies.

Agencies